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U.S. oil rig counts falls to lowest since May 2018 -Baker Hughes

Fri, 01st Mar 2019 18:09

By Scott DiSavino

March 1 (Reuters) - U.S. energy firms this week cut thenumber of oil rigs operating to the lowest in almost nine monthsas some producers follow through on plans to cut spendingdespite an over 20-percent increase crude futures so far thisyear.

Drillers cut 10 oil rigs in the week to March 1, bringingthe total count down to 843, the lowest since May 2018, GeneralElectric Co's Baker Hughes energy services firm said inits closely followed report on Friday. <RIG-OL-USA-BHI>

The U.S. rig count, an early indicator of future output,fell for a second week in a row but is still slightly higherthan a year ago when 800 rigs were active after energy companiesboosted spending in 2018 to capture higher prices that year.

Drilling has slowed with the rig count contracting in thepast three months as several companies have said they plan toremove rigs from service in 2019 as they focus on earningsgrowth instead of increased output with crude prices projectedto decline this year versus 2018.

U.S. crude futures fell from three-month highs tobelow $56 a barrel on Friday after bearish U.S. manufacturingdata stoked oil demand concerns.

Oil prices have gained about 20 percent this year after theOrganization of the Petroleum Exporting Countries and its alliesbegan to cut output in January.

However, analysts have grown more pessimistic over theprospects for a significant price rally this year, as boomingU.S. shale output and a deteriorating global economic backdropthreaten to offset the OPEC cuts.

Looking ahead, crude futures were trading around $57 abarrel for the balance of 2019 and calendar 2020.

U.S. crude production edged lower in December to 11.85million barrels per day, posting its first monthly decline sinceMay, but it hit 12.1 million bpd last week, a record for thesecond week in a row, reports from the U.S. Energy InformationAdministration showed this week.

U.S. financial services firm Cowen & Co said this week thatearly indications from the exploration and production (E&P)companies it tracks point to an 8 percent decline in capitalexpenditures for drilling and completions in 2019.

Cowen, however, noted that if the remaining oil majors,including Exxon Mobil Corp and Royal Dutch Shell Plc, report planned spending in line with their peers,estimated 2019 E&P spending would be down just 6 percentoverall.

In total, Cowen has said all of the E&P companies it tracksspent about $93.1 billion in 2018.

There were 1,038 oil and natural gas rigs active in theUnited States this week, according to Baker Hughes. Most rigsproduce both oil and gas.

(Reporting by Scott DiSavinoEditing by Marguerita Choy)

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