A clutch of major US onshore basins are seeing a significant rebound in activity, according to recent drilling data, although the overall rig count in the country was flat or slightly down in the past week.

In its weekly update, market analyst Cowen & Company put the US rig count at 474, down two from last week but still up 20 over the past four weeks.

The firm said its rig count is up 108 so far this year, with private companies making up 85% of the increase.

“The rig count increased 22% during the first quarter and holding flat from here implies a 12% increase in the second quarter,” Cowen said.

Cowen noted that its review of capital expenditures for 27 exploration and production companies is tracking up between 15% and 23% against the fourth quarter 2020 run rate.

Texas-based Enverus estimated the US rig count at 509, an increase of one unit week-on-week. The company put the rig count up 5% over the past month, but 7% year-on-year.

Enverus said two largely unconventional plays — Oklahoma's Anadarko and Colorado's Denver-Julesburg basins — have already seen rig counts recover to this point in 2020.

In the Permian basin of west Texas and southeastern New Mexico, however, the rig count is down 24% year-on-year as of 14 April and the core US shale basin lost six more rigs on 15 April to lower the count to 205.

According to Enverus, natural gas plays showed more resilience to the Covid-19 pandemic, with the Appalachia play in Pennsylvania, Ohio and West Virginia only losing three rigs year-on-year, while the region that includes Louisiana's Haynesville shale is up 47% — or 17 rigs — during the same time period.

Cowen’s data, however, showed the Permian basin with only a two-rig decline, from 228 last week to 225 on 15 April. The Eagle Ford shale play of south Texas saw a week-over-week increase of three rigs, bringing the total to 40.

Cowen reported that the number of horizontal rigs in use for oil drilling dropped by three from 288 to 285 week-over-week, but was still up by 22 from four weeks ago. Horizontal rigs for gas drilling dropped by four since last week, from 126 to 122.

Major oil and gas producers were reportedly using 16 rigs, down one from a week ago, while companies designated as large independents were running 117, up one from last week. Privately held companies were operating 264 rigs, down one from a week ago.

The leading services companies with rigs in the field as of 15 April were Helmerich & Payne with 110, Patterson-UTI with 73 and Precision Drilling with 37.

Rigs And Vessels

Key US basins see drilling drive but overall rig activity stays flat