Sign Up for FREE Daily Energy News
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2

Hazloc Heaters
Hazloc Heaters

Oil Explorers Hungry for ‘Super-Spec’ Rigs Expand U.S. Drilling

English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

June 8, 2018, by David Wethe


Oil drillers added more rigs in the U.S. this week, undaunted by pipeline bottlenecks that are hindering efforts to ship crude from the nation’s busiest field.

U.S. working oil rigs rose by one this week to 862, the highest since March 2015, according to data from Baker Hughes. The American rig fleet has expanded on an almost-uninterrupted streak since October.

Demand for the most-advanced drilling gear is on the upswing as explorers deploy so-called “super-spec” rigs to U.S. shale fields, according to Susquehanna International Group LLP.

“In fact, all agree that demand for rig additions is continuing and that growth is being constrained more by lack of super-spec capacity than by takeaway capacity,” Charles Minervino, an analyst at Susquehanna, wrote in a June 8 note to investors. “The large majority of E&Ps are going to stick with their spending programs set forth at the beginning of the year.”

Crude output in the U.S. rose by 31,000 barrels a day last week to a record 10.8 million, according to the Energy Information Administration.

Share This:

More News Articles

New SHOWCASE Directory Companies


RAM Industries Inc.
RHK Hydraulic Cylinder Services Inc.