U.S.: Number of Active Oil and Gas Rigs, by month
MonthNumber of rigs
Feb 24626
Jan 24621
Dec 23622
Nov 23622
Oct 23625
Sep 23623
Aug 23632
Jul 23664
Jun 23674
May 23711
Apr 23755
Mar 23755
Feb 23753
Jan 23771
Dec 22779
Nov 22784
Oct 22768
Sep 22765
Aug 22765
Jul 22767
Jun 22750
May 22727
Apr 22698
Mar 22670
Feb 22650
  • Region: United States
  • Time period: Feb 2022 to Feb 2024
  • Published: Mar 2024

Data Analysis and Insights

Updated: Mar 28, 2024 | Published by: Statistico

Trend of Active Oil and Gas Rigs from 2022 to 2024

The number of active oil and gas rigs in the U.S. experienced a decline from 779 rigs in December 2022 to 626 rigs in February 2024. This represents a significant reduction of 153 rigs over a span of 26 months, highlighting a downward trend in the oil and gas industry's operational capacity during this period.

Peak Rig Count in April 2023

April 2023 marked the peak of active oil and gas rigs with 755 rigs, indicating the highest operational level within the data timeframe. Following this peak, the industry saw a steady decrease in active rigs, culminating in the lowest count of 626 rigs by February 2024.

Stabilization and Subsequent Decline in Mid-2023

The data reveals a brief period of stabilization in the number of active rigs around mid-2023, with counts hovering at 755 rigs in both March and April, followed by a sharp decline. By July 2023, the count had decreased to 664 rigs, showcasing a swift reduction in drilling activity over a few months.

Comparison of Yearly February Data

A comparison of February counts over three years shows a downward trend, with 650 rigs in February 2022, 753 rigs in February 2023, and finally 626 rigs in February 2024. This pattern underscores the fluctuating dynamics within the oil and gas sector, with a notable decrease in the most recent year.

Short-Term Fluctuations in Rig Counts

Between October 2023 and February 2024, the industry experienced minor fluctuations in rig counts, oscillating between 625 rigs and 626 rigs, indicating a relative stabilization in the short term despite the overall downward trend observed throughout the larger timeframe.

Year-over-Year Changes

Evaluating year-over-year changes, there was a dramatic decrease from 771 rigs in January 2023 to 621 rigs in January 2024, marking a reduction of 150 rigs. This year-over-year comparison illustrates the significant contraction in operational capacity within a 12-month period.

Notable Decrease After Mid-2023

After reaching a peak in April 2023, the subsequent months until February 2024 saw a notable decrease in active rigs, with the industry shedding 129 rigs. This period marks a critical phase in the data set, highlighting a shift in industry dynamics post-mid-2023.

Frequently Asked Questions

What was the change in number of active oil and gas rigs from December 2022 to February 2024?

The number of active oil and gas rigs declined from 779 rigs in December 2022 to 626 rigs in February 2024.

When did the peak of active oil and gas rigs occur, and what was the count?

The peak of active oil and gas rigs occurred in April 2023 with 755 rigs.

Terms and Definitions

These are physical devices used for the extraction of oil and natural gas from underground deposits. They involve the use of large drilling equipment to access reserves of these fossil fuels which are then harvested and processed for various uses.

Active Oil and Gas Rigs refer to the drilling units in operation at any given time. These drilling units have the capacity to produce oil or gas and encompass both offshore and onshore drilling rigs.

This refers to the drilling of deep holes into the earth's land surface in order to extract oil and natural gas. This type of drilling can occur anywhere where reserves of oil and natural gas have been found, including in fields, deserts, and forested areas.

This involves the extraction of oil and gas from beneath the seabed. It usually involves drilling platforms which are either floating or fixed to the ocean floor. This type of drilling is often more complex and expensive than onshore due to the challenging marine conditions.

A drilling rig is an industrial machine used to drill in the ground for the extraction of oil or natural gas. It has all necessary equipment to drill wells, extract the oil or gas and then close the wells after extraction is complete.

Rig count is the number of active drilling rigs exploring for or developing oil or natural gas. It serves as a rough measure of the level of drilling activity in the industry. The count only includes operational rigs, not those being transported, in reserve, or otherwise not operational.

These are fuels formed by natural processes such as anaerobic decomposition of buried dead organisms. Fossil fuels contain high percentages of carbon and include petroleum, coal and natural gas. They are a primary source of global energy consumption.

This is the action of taking out something, especially using effort or force. In terms of oil and gas industry, it refers to the process of retrieving oil and gas resources from the ground. The extraction process generally involves drilling and pumping.
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