Industry at a glance
Poor economic conditions and fear of a global economic recession caused crude prices to decline in August, despite restricted Russian supply. WTI dropped 7.8%, falling to $93.67/bbl, with Brent trading at $100.45/bbl, down 10.3% compared to July. It’s the second consecutive month that both benchmarks have lost ground. Despite back-to-back losses, the U.S. rig count continued moving upward, averaging 764 in July, up 1.0% from the 757 tallied in July. Texas gained seven rigs to average 371, with six of the 12 Railroad Districts adding rigs. Oklahoma gained three units, up to 65, while North Dakota was up one rig to 37. New Mexico experienced the largest decline of all states, dropping six rigs down to 105. International activity averaged 1,019 rigs in July, 52 more than were running in June. The gain was due mostly to a 43-rig increase in Canada.
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)