Rig counts in the Texas-Permian Basin, Eagle Ford, and Barnett Shale

Innovations Reduce Effectiveness of Rig Counts as Industry Barometer, but Numbers Still Climbing Since 1944, Baker Hughes, the oilfield services company based in Houston, TX, has produced a weekly report of rig counts for the United States and Canada, adding international sites in 1975. In their report for the month of May, 2014, the total oil rig count for the U.S. has risen by six, bringing the total from 1,528 to 1,536. In the first five months of the year, oil rig counts have seen an increase of 158, which is about 11 percent. Shale plays in Texas have been a major contributor to the rise in oil rigs, with the Permian Basin leading these. The drop in oil prices since the high of $110 per barrel last September has not been significant enough to affect drilling. The current level of around $90 per barrel is supportive of an increase in drilling and a high rig count, demonstrating the confidence oil and gas producers have toward growth in the industry. Permian Basin Rig Counts As one
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