Bakken Shale News

Bakken Shale Rig Count Decreases by Four to 193

Occidental Petroleum's Bakken Assets on the Table
Occidental Bakken Acreage

Occidental Bakken Acreage|Click to Enlarge

The Bakken-Three Forks rig count decreased by four to 193 rigs running across our coverage area by the end of last week. The NDIC notes 190 rigs are active in North Dakota, but around 18 of those are in the process of moving in and rigging up.

In recent Bakken news, Occidental Petroleum (NYSE: OXY) appears to be on the verge of divesting its acreage in the Williston Basin, according to a Bloombergreport, which cited “people with knowledge of the matter.”

Currently, OXY has ~500,000 gross acres (~335,000 net) in the Williston Basin, and is working with investment bank Tudor Pickering Holt & Co. to sell the assets.

Read more: Occidental’s Bakken Assets on the Table

The U.S. rig count increased by eight to 1,930 rigs running by the end of last week. A total of 320 rigs were targeting natural gas (ten less than the previous week) and 1,609 were targeting oil in the U.S. (18 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 194 rigs are running in the Williston Basin across MT, ND, and SD. 182 are in ND alone.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 190 rigs are active in North Dakota. That is four less than Baker Hughes reports in the Bakken area, and eight more than the company reports in North Dakota. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around 18 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs decreased  by four to 193 rigs running by the end of the week . WTI oil prices decreased by nearly $5 from the previous week, trading at $84.72/bbl on Friday afternoon. Williston Basin Sweet crude traded at $67.44/bbl on Oct. 2nd. The WTI-Brent opened up a bit, settling at just over $4 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.86/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 62 rigs running. Mountrail, and Williams counties are the only other counties with more than 30 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 172 rigs are drilling horizontal wells
  • 16 rigs are drilling directional wells
  • 5 rigs are drilling vertical wells

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

County State Previous Week Current Week County State Previous Week Current Week
MCKENZIE ND 66 62 RENVILLE ND 2 2
WILLIAMS ND 36 39 SHERIDAN MT 0 1
MOUNTRAIL ND 34 33 MCLEAN ND 1 1
DUNN ND 26 25 DANIELS MT 0 0
DIVIDE ND 9 9 DAWSON MT 0 0
RICHLAND MT 5 5 VALLEY MT 0 0
ROOSEVELT MT 2 3 WIBAUX MT 0 0
BOTTINEAU ND 4 3 GOLDEN VALLEY ND 0 0
BURKE ND 4 3 MERCER ND 0 0
STARK ND 2 3 WARD ND 2 0
FALLON MT 1 2 MCHENRY ND 0 0
BILLINGS ND 3 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Bakken Development Threats on the Horizon?

Takeaway Capacity One of Several Concerns for Industry
Bakken Oil Workers

Bakken Oil Workers | Click to Enlarge

The Bakken is one of the most lucrative plays in the country, but there are some looming concerns for development. The good news is production growth is expected to continue.

New York City, NY-based financial information services company Fitch Ratings, Inc. published its “Bakken Shale Report” this week, which found the play had the highest oil cut among U.S. shales at 85%.

Oil production has been above 1-million b/d since April of 2014, according to the Department of Mineral Resources (DMR), and officials expect production to grow to 1.3-million b/d by 2015.

Read more: North Dakota Hits Record Oil & Gas Production

“The primary challenge for upstream companies has been to balance gains from increasing production and drilling efficiencies with strained takeaway capacity,” according to Fitch Ratings.

The Fitch report found Bakken crude averaged ~$10 per barrel below West Texas Intermediate (WTI) in 2014, and rail is estimated to provide 60% of regional takeaway capacity and costs to ship affected spread levels.

This week, the price of Bakken crude fell to ~$73, which spurred conversation online about lower oil prices and how that could impact Bakken development. On Wednesday, North Dakota’s Department of Mineral Resources Director Lynn Helms updated lawmakers on the status of oil & gas development in the state. Helms said two factors could negatively impact oil production – lower oil prices and new flaring regulations.

Beginning on June 1st, the North Dakota Industrial Commission (NDIC) began implementing its first in a series of policy changes aimed at reducing flaring in the Bakken.

The NDIC’s new “gas capture plan” (GCP) rule will require E&P companies to submit a document with their application for a permit to the commission specifying how they plan to capture gas produced from their drilling operations.

Read more: NDIC Implements New Bakken Flaring Rule

According to Fitch research, a large increase in Bakken production has disrupted traditional supply and demand balance in the region, and while pipeline capacity has struggled to keep up with volumes, Fitch expects supply and demand will begin to come more into balance in 2015 and 2016 as market participants strive to find the most economic placement for their barrels.

 

Occidental’s Bakken Assets on the Table

Bloomberg: $3-Billion Price Tag for Oxy's Williston Basin Acreage
Occidental Bakken Acreage

Occidental Bakken Acreage|Click to Enlarge

Occidental Petroleum (NYSE: OXY) appears to be on the verge of divesting its acreage in the Williston Basin, according to a Bloomberg report, which cited “people with knowledge of the matter.”

Currently, OXY has ~500,000 gross acres (~335,000 net) in the Williston Basin, and is working with investment bank Tudor Pickering Holt & Co. to sell the assets.

The company is in the process of restructuring, and could draw as much as $3-billion from the sale of its Williston Basin assets, according to Bloomberg’s sources. In October of last year, OXY announced it would pursue “stategic alternatives” for the trade or sale of select midcontinent assets.

In 2012, OXY’s net Bakken production was 14 Mboe/d, and in the first half of last year, it was 17 Mboe/d. Proved reserves at the end of 2012 were 87 Mmboe.

OXY has increased its focus on production from fields in the Permian Basin in Texas and New Mexico.

Read more at oxy.com

Bakken Shale Rig Count Stays Flat at 197

Enbridge's Sandpiper Pipeline Delayed Until 2017
Pipeline Construction

Pipeline Construction | Click to Enlarge

The Bakken-Three Forks rig count stayed flat at 197 rigs running across our coverage area by the end of last week. The NDIC notes 188 rigs are active in North Dakota, but around six of those are in the process of moving in and rigging up.

In recent Bakken news, permitting problems in Minnesota are delaying Calgary-based Enbridge Energy Partners LP from building a 612-mile pipeline from North Dakota’s Bakken Shale, according to the Wall Street Journal. The company disclosed the delay of the $2.6-billion Sandpiper pipeline in a filing with the U.S. Securities and Exchange Commission earlier this week.

Read more: Enbridge’s Sandpiper Pipeline Delayed

The U.S. rig count decreased by nine to 1,922 rigs running by the end of last week. A total of 330 rigs were targeting natural gas (eight less than the previous week) and 1,591 were targeting oil in the U.S. (1 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 198 rigs are running in the Williston Basin across MT, ND, and SD. 189 are in ND alone.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 188 rigs are active in North Dakota. That is ten less than Baker Hughes reports in the Bakken area, and one less than the company reports in North Dakota. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around six rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs stayed flat at 197 rigs running by the end of the week . WTI oil prices decreased by nearly $3 from the previous week, trading at $90.15/bbl on Friday afternoon. Williston Basin Sweet crude traded at $72.69/bbl on Oct. 2nd. The WTI-Brent closed up a bit, settling at just over $2 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $4.02/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 66 rigs running. Mountrail, and Williams counties are the only other counties with more than 30 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 178 rigs are drilling horizontal wells
  • 18 rigs are drilling directional wells
  • 1 rigs are drilling vertical wells

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

County State Previous Week Current Week County State Previous Week Current Week
MCKENZIE ND 65 66 WARD ND 2 2
WILLIAMS ND 36 36 FALLON MT 1 1
MOUNTRAIL ND 34 34 MCLEAN ND 1 1
DUNN ND 26 26 DANIELS MT 0 0
DIVIDE ND 9 9 DAWSON MT 0 0
RICHLAND MT 5 5 SHERIDAN MT 0 0
BOTTINEAU ND 4 4 VALLEY MT 0 0
BURKE ND 5 4 WIBAUX MT 0 0
BILLINGS ND 3 3 GOLDEN VALLEY ND 0 0
ROOSEVELT MT 2 2 MERCER ND 0 0
RENVILLE ND 2 2 MCHENRY ND 0 0
STARK ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Enbridge’s Sandpiper Pipeline Delayed

Minnesota Permitting Problems Could Push Back Pipeline Construction By Nearly One Year
Pipeline Construction

Pipeline Construction | Click to Enlarge

Permitting problems in Minnesota are delaying Calgary-based Enbridge Energy Partners LP from building a 612-mile pipeline from North Dakota’s Bakken Shale, according to the Wall Street Journal. The company disclosed the delay of the $2.6-billion Sandpiper pipeline in a filing with the U.S. Securities and Exchange Commission earlier this week.

The Sandpiper pipeline is designed to move 225,000 b/d from North Dakota to Clearbrook, MN, and then transport up to 375,000 b/d from the Minnesota location to another oil hub in Superior, Wisconsin. At the end of last year, oil giant Marathon reached an agreement whereby Marathon will fund 37.5% of the Sandpiper pipeline and gain a 27% interest in Enbridge’s North Dakota System.

Read more: Enbridge’s Sandpiper Pipeline Gains Anchor Shipper in Marathon Petroleum – Open Season

The delay comes after the Minnesota Public Utilities Commission requested an expanded study on the environmental impacts of six possible routes of pipeline. Opponents to the pipeline suggest the planned route crosses many environmentally-sensitive areas in northern Minnesota, including rivers, lakes and wetlands.

At the Enbridge Annual Investment Community Conference, SVP-Major Projects Byron Neiles, said, ” even though we’ve secured all of the required approvals in North Dakota and close to 100% of the right-of-way, and close to 90% of the — and over 90% of the lands required in Minnesota, the regulator there three weeks ago reversed a decision it took earlier this spring denying opponents’ motions to extend the process as well as to bifurcate or decouple the route and need processes of the review. Moreover, it required that these processes be conducted one after the other rather than in parallel.”

The Sandpiper Pipeline is expected to be in service some time in 2017. Estimates at the end of last year were for the first quarter of 2016.

Enbridge’s current five-year forecast includes a record $44-billion in capital expenditures.

Read more at wsj.com and enbridge.com

Vitesse Energy Grabs 19,000 Net Bakken Acres -Sept. 2014

$186.5 Million Deal Also Includes Working Interest in 600 Wells
Bakken Oil Workers

Bakken Oil Workers | Click to Enlarge

Centennial, CO-based Vitesse Energy, LLC has purchased non-operated oil and gas assets in the Williston Basin from EnerVest Operating, LLC for $186.5-million. Included in the deal are working interests in approximately 600 wells and over 19,000 net acres in core Bakken Counties of Williams, McKenzie and Mountrail.

Vitesse CEO Bob Gerrity, said, “this acquisition represents a synergistic addition to our existing high-quality acreage in the core area of the Bakken and Three Forks play, and also provides new growth opportunities in developing areas of the field where technology continues to enhance returns.”

The agreement was signed on August 1st, and closed on September 8th. Vitesse Energy, LLC is a subsidiary of U.S.-based holding company Leucadia National Corporation.

Read more at vitesseoil.com

Bakken Shale Rig Count Stays Flat at 197

Bentek Energy: Bakken Hit 1.2 Million b/d in Aug. 2014
ND Pump Jack Photo

ND Pump Jack | Click to Enlarge

The Bakken-Three Forks rig count stayed flat at 197 rigs running across our coverage area by the end of last week. The NDIC notes 190 rigs are active in North Dakota, but around ten of those are in the process of moving in and rigging up.

In recent Bakken news, crude oil production in North Dakota’s section of the Bakken Shale averaged nearly 1.2 million b/d in August, according to consultancy Bentek Energy, a unit of Platts. That’s a 227,000 b/d increase over August 2013.

Combined oil production from the Bakken and South Texas’ Eagle Ford Shale rose by more than 78,000 b/d in August 2014. That’s a 3.1% increase over July.

Read more: Bentek Energy: ND Bakken Hit 1.2 Million b/d – Aug. 2014

The U.S. rig count stayed flat at 1,931 rigs running by the end of last week. A total of 338 rigs were targeting natural gas (nine more than the previous week) and 1,592 were targeting oil in the U.S. (9 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 198 rigs are running in the Williston Basin across MT, ND, and SD. 189 are in ND alone.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 190 rigs are active in North Dakota. That is eight more than Baker Hughes reports in the Bakken area, and one more than the company reports in North Dakota. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around ten rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs stayed flat at 197 rigs running by the end of the week . WTI oil prices were up slightly from the previous week, trading at $93.47/bbl on Friday afternoon. Williston Basin Sweet crude traded at $74.19/bbl on Sept. 26th. The WTI-Brent closed up a bit, settling at just under $4 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.99/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 66 rigs running. Mountrail, and Williams counties are the only other counties with more than 30 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 178 rigs are drilling horizontal wells
  • 19 rigs are drilling directional wells
  • 0 rigs are drilling vertical wells

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

County State Previous Week Current Week County State Previous Week Current Week
MCKENZIE ND 64 65 WARD ND 2 2
WILLIAMS ND 35 36 FALLON MT 1 1
MOUNTRAIL ND 34 34 MCLEAN ND 1 1
DUNN ND 26 26 DANIELS MT 0 0
DIVIDE ND 11 9 DAWSON MT 0 0
RICHLAND MT 5 5 SHERIDAN MT 0 0
BURKE ND 5 5 VALLEY MT 0 0
BOTTINEAU ND 4 4 WIBAUX MT 0 0
BILLINGS ND 3 3 GOLDEN VALLEY ND 0 0
ROOSEVELT MT 2 2 MERCER ND 0 0
RENVILLE ND 2 2 MCHENRY ND 0 0
STARK ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

ND Regulators Hold Hearing About Bakken Crude Treatment

WSJ: Oil Executives Say Oil is Safe to Transport by Train at NDIC Hearing

Oil Rail Car Image

Crude Oil Rail Car | Click to Enlarge

Executives at top oil and gas companies in the Bakken are fighting back against North Dakota regulators, opposing the treatment of Bakken crude before it shipped via rail, according to the Wall Street Journal (WSJ).

On Tuesday, the North Dakota Industrial Commission (NDIC) heard testimony from oil executives, who claim Bakken oil is sufficiently treated at the well site. The paper first reported the NDIC would be holding hearings in August concerning further treatment of Bakken crude, which has been linked to several explosions, resulting from train derailments. Just under 70% of Bakken crude is transported out of North Dakota by rail to coastal refining markets and hubs like Cushing, OK.

Read more: NDIC Considers Bakken Crude Treatment

Critics believe Bakken crude is dangerous, and needs to undergo stabilization. In similar plays like the Eagle Ford Shale in South Texas, crude is routinely stabilized before transport. At the hearing, representatives from the Dakota Resource Council, a nonprofit environmental group, asked for a moratorium on drilling permits, according to the paper.

The most appropriate action is probably somewhere between a moratorium on drilling permits and letting industry write its own ticket. As a matter of public safety, a thorough analysis of this issue is not unwarranted, but extreme measures to completely halt new development should be met with total disregard.

An issue not often discussed surrounding this issue is pipelines. North Dakota is woefully behind on its pipeline infrastructure. There are bascially two reasons – economics and regulation. It’s cheap to transport oil by rail, and pipelines are expensive to build. For the companies that build pipelines, it can sometimes be difficult to secure commitments, and furthermore, state and federal government regulations have made building pipelines more challenging.

Ultimately, the transport of Bakken crude needs to be viewed from a standpoint of both safety and economics. It seems like common sense, and it would be nice if both the oil companies and the regulatory bodies could get on the same page in this respect.

Read more at wsj.com

Bentek Energy: ND Bakken Hit 1.2 Million b/d – Aug. 2014

Combined Bakken and Eagle Ford Production Increased 3.1% Over July
ND Pump Jack Photo

ND Pump Jack | Click to Enlarge

Crude oil production in North Dakota’s section of the Bakken Shale averaged nearly 1.2 million b/d in August, according to consultancy Bentek Energy, a unit of Platts. That’s a 227,000 b/d increase over August 2013.

Combined oil production from the Bakken and South Texas’ Eagle Ford Shale rose by more than 78,000 b/d in August 2014. That’s a 3.1% increase over July.

Bakken oil prices are on the downward trend, and fell to the mid $80.00 per bbl mark around the first of September. Eagle Ford oil prices have been below $100.00 per barrel since the middle of August. Click Here to follow weekly updates on Bakken activity and commodities pricing on our site.

According to Bentek Energy, increased production from shale will help keep storage levels at the Cushing, Oklahoma oil hub on pace with domestic refinery demand.

Read more at bentekenergy.com

Bakken Shale Rig Count Increases by Four to 197

Does the Bakken Have too Much Natural Gas?
Bakken Oil Well

Bakken Oil Well | Click to Enlarge

The Bakken-Three Forks rig count increased by four to 197 rigs running across our coverage area by the end of last week. The NDIC notes 196 rigs are active in North Dakota, but around eight of those are in the process of moving in and rigging up.

In recent Bakken news, the oil & gas renaissance in the U.S. has nearly catapulted the country to the top spot for oil production in the world, and most experts believe the U.S. will hit this target by next year. But is it possible that the country and the Bakken has too much of a good thing? When it comes to natural gas that may be the case.

According to the BP 2014 statistical world energy review, the U.S. is currently the top natural gas producing country in the world at 328 Bcf/d. Over the past five years, natural gas production has grown over 20% in the U.S., thanks in large part to the shale revolution. But the price of natural gas has struggled to break $4/mmbtu, and oil companies in North Dakota’s and Montana’s Bakken Shale and the Eagle Ford Shale in South Texas have flared much of their produced natural gas in favor of capturing oil, which is a much higher valued commodity.

Read more: Bakken Natural Gas – Too Much of a Good Thing?

The U.S. rig count stayed flat at 1,931 rigs running by the end of last week. A total of 329 rigs were targeting natural gas (nine less than the previous week) and 1,601 were targeting oil in the U.S. (9 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 198 rigs are running in the Williston Basin across MT, ND, and SD. 189 are in ND alone.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 196 rigs are active in North Dakota. That is two more than Baker Hughes reports in the Bakken area, and seven more than the company reports in North Dakota. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around eight rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs increased by four to 197 rigs running by the end of the week . WTI oil prices decreased slightly from the previous week, trading at $92.48/bbl on Friday afternoon. Williston Basin Sweet crude traded at $74.19/bbl on Sept. 19th. The WTI-Brent closed up a bit, settling at just under $6 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.84/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 66 rigs running. Mountrail, and Williams counties are the only other counties with more than 30 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 178 rigs are drilling horizontal wells
  • 19 rigs are drilling directional wells
  • 0 rigs are drilling vertical wells

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County


County State Previous Week Current Week County State Previous Week Current Week
MCKENZIE ND 66 66 DANIELS MT 0 0
WILLIAMS ND 32 32 DAWSON MT 0 0
MOUNTRAIL ND 30 30 FALLON MT 0 0
DUNN ND 23 23 SHERIDAN MT 0 0
DIVIDE ND 9 9 VALLEY MT 0 0
BURKE ND 7 7 WIBAUX MT 0 0
RICHLAND MT 4 4 GOLDEN VALLEY ND 0 0
BOTTINEAU ND 3 3 MCLEAN ND 0 0
ROOSEVELT MT 2 2 MERCER ND 0 0
BILLINGS ND 2 2 WARD ND 0 0
RENVILLE ND 2 2 MCHENRY ND 0 0
STARK ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

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