{"id":5887,"date":"2015-07-09T10:47:17","date_gmt":"2015-07-09T15:47:17","guid":{"rendered":"https:\/\/www.regiontrack.com\/www\/?p=5887"},"modified":"2015-07-09T10:47:17","modified_gmt":"2015-07-09T15:47:17","slug":"is-the-u-s-drilling-collapse-coming-to-a-halt-07092015","status":"publish","type":"post","link":"https:\/\/www.regiontrack.com\/www\/is-the-u-s-drilling-collapse-coming-to-a-halt-07092015\/","title":{"rendered":"Is the U.S. Drilling Collapse Coming to a Halt? (07\/09\/2015)"},"content":{"rendered":"

The U.S. drilling rig count is now down 55% since September\u00c2\u00a02014. <\/strong>The\u00c2\u00a0decline\u00c2\u00a0has\u00c2\u00a0reached 60% in both\u00c2\u00a0Texas and North Dakota.<\/p>\n

Our pic-of-the-week highlights changes in the latest data that suggest we may be\u00c2\u00a0getting much closer to a near-term bottom in the rig count. Most importantly, the overall\u00c2\u00a0pace of decline in rigs finally slowed markedly\u00c2\u00a0in June. The decline had shown no clear\u00c2\u00a0signs of letting up prior to\u00c2\u00a0this point.<\/p>\n

The easing is also broad-based and visible in every\u00c2\u00a0major drilling state. All key drilling states are\u00c2\u00a0either working\u00c2\u00a0to establish a bottom or the decline has slowed considerably.\u00c2\u00a0
\n<\/a>\"potw_1_20150709\"<\/a><\/p>\n

An obvious concern with the state-level data is that the key states of Texas and North Dakota are showing the least progress among the key drilling states in reversing the trend. Further progress in these two states will almost certainly signal a near-term end to the rig decline.
\n<\/a><\/p>\n

But if oil cannot manage to punch back through the $60\/barrel range at some point in\u00c2\u00a02015, much lower rig counts\u00c2\u00a0are possible, if not likely.<\/p>\n

Sign up<\/a>\u00c2\u00a0to receive RegionTrack’s PIC OF THE WEEK!
\n[email_link]\n","protected":false},"excerpt":{"rendered":"

The U.S. drilling rig count is now down 55% since September\u00c2\u00a02014. The\u00c2\u00a0decline\u00c2\u00a0has\u00c2\u00a0reached 60% in both\u00c2\u00a0Texas and North Dakota. Our pic-of-the-week highlights changes in the latest data that suggest we may be\u00c2\u00a0getting much closer to a near-term bottom in the rig count. Most importantly, the overall\u00c2\u00a0<\/p>\n","protected":false},"author":1,"featured_media":5886,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[13,1],"tags":[33,46,72],"post_series":[],"class_list":["post-5887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pic-of-the-week","category-uncategorized","tag-drilling-rigs","tag-energy-states","tag-oil-and-gas","entry","has-media"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t