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Forecasting wells to be drilled this year has not been fun. Everyone thinks more rigs will be working, but no one expects anything close to a boom. It is amazing to look at the plots of US onshore drilling rigs working in 2001 and 2002. From a peak of over 1,250 in July 2001, the bottom fell out, to 750, in only nine months, and the recovery has been minimal; some 400 of those 1,250 rigs are still stacked. The international rig count, conversely, behaved as it has for three years: peaking in the first quarter, dropping in the second quarter, then moving back up significantly. These curves are shown in the Industry at a glance feature.
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