Have to also remember that there are 1000’s of drilled but not completed wells not requiring a rig!
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Let's remember that rig count is not always a good indicator of activity. Yes, activity is definitely down associated with less consumption of petroleum products due to Covid-19 restrictions. However, since many completions are done these days withe fewer rigs and use directional drilling to achieve extended reach horizontal completions, perhaps a better measure of activity would be feet of pipe laid.
I'd say 71% is a lot. How would you like to take a 71% cut in pay?
114 active rigs in tx as of june 12, 2020. in march/2020 there was little over 400.
“Is 71% a lot?”
I don’t think so, if it was over 95% then yes.
If I am an owner of this site, I will keep adding random posts to keep the traffic and comments active.
Dont worry we have I cruise.
Is 71% a lot?