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Oilfield Activity May Be Rebounding

Forbes -- Jesse Bogan, 06.30.09, 08:45 PM EDT
Rig count rises slightly on upturn in oil prices, but natural gas drilling continues to fall.

HOUSTON -- After months of decommissioning drilling rigs to balance out lower energy prices and expensive well service costs, mass amputations appear to be over in the oilfield due to a rebound in prices.

However, the natural gas sector continues to drown in oversupply.

The national oil and gas rig count has been slashed in half since last summer's highs. But since June 5, the number of oil rigs in production has climbed from 179 to 219, according to a weekly count by Baker Hughes, mainly due to small "checkbook" exploration and production companies getting back into the game.

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Submitted Jul 03, 2009 By: LetemEatCake

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Blue48 Champion Author Illinois Posts:2,491 Points:633,840 Joined:Feb 2007	Message Posted: Jul 4, 2009 2:56:25 PM Ignore Blue48 Report Abuse MY QUESTION IS! DID THEY THEY REOPEN ANY OF THE DECOMMISSIONED RIGS?
LetemEatCake Champion Author Oklahoma City Posts:2,800 Points:425,645 Joined:Mar 2008	Message Posted: Jul 4, 2009 5:33:41 AM Ignore LetemEatCake Report Abuse Saturn93 from Salt Lake City... I think if you had given us more of the story it would be fair. Readers could then draw informed conclusions. The wrangling over these leases in Utah has been going on for some years. There was a last-minute attempt by the Bush administration, in December, to give away some of our country's most pristine land for oil and gas exploitation. On Jan. 17, U.S. District Judge Ricardo Urbina issued a ruling to indefinitely suspend lease sales on parcels near Arches and Canyonlands national parks, Desolation Canyon, Dinosaur National Monument, wilderness study areas and Nine Mile Canyon. The groups had argued that the leases were faulty because the BLM didn't properly study air quality or potential damage to ancient rock art when crafting three long-range plans that laid ground for the lease sale. BIG Oil is going to always rail against the inability to drill anywhere they want. They frequently do not care how delicate environments are treated. Obvious to me, if the previous administration was trying to sneak these lease sales under the door at the last minute...something is fishy...maybe we should investigate this. [Edited by: LetemEatCake at 7/4/2009 8:34:55 AM EST]
Kamakani Champion Author Hawaii Posts:1,792 Points:543,515 Joined:Oct 2008	Message Posted: Jul 4, 2009 12:46:11 AM Ignore Kamakani Report Abuse EVs here we come. Screw oil!
Night Owl Champion Author Toronto Posts:2,540 Points:797,415 Joined:Jul 2004	Message Posted: Jul 4, 2009 12:07:16 AM Ignore Night Owl Report Abuse bigreddwg is exactly right.
furiousfowl Champion Author Riverside Posts:11,768 Points:1,787,020 Joined:May 2005	Message Posted: Jul 3, 2009 11:49:31 PM Ignore furiousfowl Report Abuse oil everywhere but gas is still high?
007HS Champion Author California Posts:6,959 Points:1,852,135 Joined:Aug 2003	Message Posted: Jul 3, 2009 11:47:30 PM Ignore 007HS Report Abuse Ain't Be no new rigs... Drill, Drill, Drill... We can't dig our way out of a hole(Please stop digging government more spending), but we have the assets & technology to drill our way out..........................................
ILVET Champion Author Illinois Posts:9,709 Points:1,925,995 Joined:Jan 2005	Message Posted: Jul 3, 2009 11:40:15 PM Ignore ILVET Report Abuse What a bunch of BS!
grouch311 Champion Author Illinois Posts:3,864 Points:637,580 Joined:Jun 2007	Message Posted: Jul 3, 2009 11:34:02 PM Ignore grouch311 Report Abuse but is it going to drop pump prices? don't think so
72_Monte Champion Author Twin Cities Posts:2,627 Points:986,430 Joined:Aug 2005	Message Posted: Jul 3, 2009 11:30:54 PM Ignore 72_Monte Report Abuse Must've spent them big profits of the last year.
bigreddwg Champion Author Tampa Posts:4,372 Points:899,585 Joined:Nov 2005	Message Posted: Jul 3, 2009 11:25:58 PM Ignore bigreddwg Report Abuse well, what did you expect?...once an animal (BIG OIL) has tasted human flesh ($147.00 a barrel) did you really think that they (OPEC) would be happy with $40-50-50.00 a barrel??? NO WAY!! and unless we keep the pressure on them by staying close to home - STAY-cations and CONSERVING our fuel usage, they will feast on our "blood and flesh" again until they pick our "bones" (wallets!!) clean. in otherwords people, SACRIFICE NOW or expect you and your children to be paying the BIG OIL PIPER till the end of the world!!!YOU CHOOSE!!!
eddmac Champion Author Washington Posts:4,325 Points:957,855 Joined:May 2006	Message Posted: Jul 3, 2009 11:25:16 PM Ignore eddmac Report Abuse Not according to an earlier article, the rebound was speculators, w dream. [Edited by: eddmac at 7/4/2009 2:25:42 AM EST]
mvosevich Champion Author St. Louis Posts:4,131 Points:836,005 Joined:Aug 2004	Message Posted: Jul 3, 2009 11:24:30 PM Ignore mvosevich Report Abuse If there's money to be made, big oil will keep more rigs humming.
Road-Runner Champion Author Denver Posts:3,504 Points:1,198,730 Joined:May 2004	Message Posted: Jul 3, 2009 11:22:53 PM Ignore Road-Runner Report Abuse The energy industry always has been boom or bust! Good news about natural gas. Now will the surplus translate into big price cuts for home heating? LOL!
jcurley Champion Author California Posts:3,249 Points:801,310 Joined:Dec 2007	Message Posted: Jul 3, 2009 11:20:30 PM Ignore jcurley Report Abuse That's right -- you can't force companies to drill here, drill now. The oil companies will decide when to drill, based upon expected profits.
nurdco Champion Author Colorado Springs Posts:3,620 Points:678,455 Joined:Apr 2008	Message Posted: Jul 3, 2009 11:18:08 PM Ignore nurdco Report Abuse KEEP DREAM'IN they will DRIVE Fuel UP by NOT drilling... just like the 1970's
kd5kpd Sophomore Author Texas Posts:135 Points:470,480 Joined:Apr 2006	Message Posted: Jul 3, 2009 11:13:49 PM Ignore kd5kpd Report Abuse The price is falling so these companys wont be in any hurry to start drilling again. They only like it when prices soar & they can make billions in profit, as prices continue to drop more rigs will be shut down.
baddog58 All-Star Author Texas Posts:970 Points:408,330 Joined:May 2007	Message Posted: Jul 3, 2009 10:56:32 PM Ignore baddog58 Report Abuse GOOD
Saturn93 Champion Author Salt Lake City Posts:4,043 Points:975,365 Joined:Oct 2006	Message Posted: Jul 3, 2009 10:54:47 PM Ignore Saturn93 Report Abuse The Obama administration has canceled over 70 oil and gas drilling leases in Utah alone.
sg413 Champion Author California Posts:2,029 Points:448,910 Joined:Apr 2008	Message Posted: Jul 3, 2009 10:53:24 PM Ignore sg413 Report Abuse lots of idle wells around here.
alaric76 Champion Author New Jersey Posts:11,041 Points:2,018,445 Joined:Nov 2004	Message Posted: Jul 3, 2009 10:47:38 PM Ignore alaric76 Report Abuse increase production
LilRedWagonIN Champion Author Indiana Posts:2,632 Points:568,205 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:41:06 PM Ignore LilRedWagonIN Report Abuse It seems the oil industry is light on its feet. If it can turn around quickly and start producing based on short term fluctuations in price, it seems that the industry will remain health and compete when it is economically feasible to increase supply.
Helms Champion Author Fort Worth Posts:4,106 Points:1,195,665 Joined:Jun 2005	Message Posted: Jul 3, 2009 10:40:48 PM Ignore Helms Report Abuse thank goodness gas drilling has stopped. I've noticed new cracks everywhere in the last 2 to 3 months becaus eof all the burnett shale drilling....some areas are 1/4 inch or more lower than they were....that's not your normal settling even for the lousy soil we have here.
jimgraham Champion Author Akron Posts:5,138 Points:969,665 Joined:Oct 2007	Message Posted: Jul 3, 2009 10:40:06 PM Ignore jimgraham Report Abuse Makes sense - rigs are cheaper right now.
cutter1330 Champion Author Oklahoma Posts:2,936 Points:682,260 Joined:Jul 2005	Message Posted: Jul 3, 2009 10:37:52 PM Ignore cutter1330 Report Abuse Rig count up, turning to the right. Can't get it out of the ground unless you first punch a hole.
bosrs All-Star Author Seattle Posts:863 Points:380,735 Joined:Oct 2006	Message Posted: Jul 3, 2009 10:35:29 PM Ignore bosrs Report Abuse WOW.. really... my butt..
applejoe Champion Author Twin Cities Posts:2,506 Points:517,070 Joined:May 2001	Message Posted: Jul 3, 2009 10:30:00 PM Ignore applejoe Report Abuse What would be high enough for the oil companies?
nedthenanite Champion Author Mississippi Posts:3,853 Points:744,710 Joined:May 2008	Message Posted: Jul 3, 2009 10:27:01 PM Ignore nedthenanite Report Abuse So we have more active rigs, pumping less? That'll increase prices.
CPR54 Champion Author Austin Posts:5,458 Points:1,302,920 Joined:Jul 2006	Message Posted: Jul 3, 2009 10:24:23 PM Ignore CPR54 Report Abuse more recession cpr54
Retowered Champion Author Colorado Posts:4,090 Points:1,692,035 Joined:May 2004	Message Posted: Jul 3, 2009 10:24:03 PM Ignore Retowered Report Abuse It won't last if Obama gets his energy taxes passed. He just wants all our money.
RCinNM Champion Author New Mexico Posts:6,453 Points:925,415 Joined:Sep 2005	Message Posted: Jul 3, 2009 10:23:33 PM Ignore RCinNM Report Abuse Higher fuel prices only add to the recession.
jadeusa Champion Author Dallas Posts:4,091 Points:836,985 Joined:Sep 2005	Message Posted: Jul 3, 2009 10:17:22 PM Ignore jadeusa Report Abuse there should be continuing rebound in oil drilling since the supply is only going to be up until there is some turn-around in economy - and that's not counting how much China will rebound and increase the demand for oil
jay4 Champion Author Colorado Springs Posts:5,712 Points:1,310,975 Joined:Apr 2006	Message Posted: Jul 3, 2009 10:17:22 PM Ignore jay4 Report Abuse If we're drowning in oversupply, why aren't prices falling?
amearly Champion Author Michigan Posts:7,013 Points:1,459,895 Joined:Jan 2006	Message Posted: Jul 3, 2009 10:14:48 PM Ignore amearly Report Abuse Won't last after tax and spend passes.
Asbury09 Champion Author Iowa Posts:2,197 Points:521,430 Joined:Jan 2009	Message Posted: Jul 3, 2009 10:12:18 PM Ignore Asbury09 Report Abuse maybe we will benefit from lower home heating costs
taxiken Champion Author Twin Cities Posts:3,896 Points:1,100,000 Joined:Feb 2003	Message Posted: Jul 3, 2009 10:11:57 PM Ignore taxiken Report Abuse What ever powers our cars from now on will always go up in price.
Sealer Champion Author Charleston Posts:5,648 Points:837,475 Joined:Jan 2008	Message Posted: Jul 3, 2009 10:11:09 PM Ignore Sealer Report Abuse It won't last if Obama gets his energy taxes passed.
RLH68 Champion Author Orlando Posts:3,961 Points:732,000 Joined:Jun 2007	Message Posted: Jul 3, 2009 10:09:13 PM Ignore RLH68 Report Abuse Who knows, we may all be driving vehicles powered by natural gas in the near future.
abcdMA Champion Author Worcester Posts:2,951 Points:584,345 Joined:Nov 2008	Message Posted: Jul 3, 2009 10:08:04 PM Ignore abcdMA Report Abuse more rigs and less demand--should work in our favor
250FORD Champion Author Minnesota Posts:7,489 Points:1,198,560 Joined:Feb 2007	Message Posted: Jul 3, 2009 10:07:31 PM Ignore 250FORD Report Abuse Gary65 Supply and demand has NOTHING to do with anything anymore.
Gary65 Champion Author Toronto Posts:1,390 Points:430,860 Joined:Jan 2009	Message Posted: Jul 3, 2009 10:03:37 PM Ignore Gary65 Report Abuse It always has to go with supply and demand, what more can we say.
NightDiver Champion Author Illinois Posts:1,925 Points:714,035 Joined:Mar 2007	Message Posted: Jul 3, 2009 9:59:24 PM Ignore NightDiver Report Abuse I can't believe they stopped drilling because oil prices dropped. We need to keep drilling.
Z51Corvette Champion Author Austin Posts:4,015 Points:775,345 Joined:Jan 2008	Message Posted: Jul 3, 2009 9:58:14 PM Ignore Z51Corvette Report Abuse This is good news... so it seems...
TommyTraveler Champion Author Cincinnati Posts:3,494 Points:683,405 Joined:Nov 2007	Message Posted: Jul 3, 2009 9:54:38 PM Ignore TommyTraveler Report Abuse Good
sammy09 Veteran Author Twin Cities Posts:277 Points:322,790 Joined:May 2009	Message Posted: Jul 3, 2009 9:52:20 PM Ignore sammy09 Report Abuse mass amputations - checkbook exploration and production - are these unique terms for the oil industry ?
joel27nc Champion Author Raleigh Posts:5,342 Points:851,120 Joined:Mar 2008	Message Posted: Jul 3, 2009 9:52:17 PM Ignore joel27nc Report Abuse Let's switch to natural gas on city buses and other public transportation.
fightbigoil71 Champion Author Milwaukee Posts:2,597 Points:555,875 Joined:Nov 2008	Message Posted: Jul 3, 2009 9:52:14 PM Ignore fightbigoil71 Report Abuse I agree with goumterps2002
goumterps2002 Champion Author Dayton Posts:2,141 Points:350,495 Joined:Aug 2008	Message Posted: Jul 3, 2009 9:48:57 PM Ignore goumterps2002 Report Abuse Drill before Cap and Tax gets pushed down our throat.
NHLiveFree Champion Author New Hampshire Posts:3,787 Points:631,010 Joined:Jun 2008	Message Posted: Jul 3, 2009 9:46:22 PM Ignore NHLiveFree Report Abuse Due to manipulation and lax regulation Blue.
Blue_Cruzer Champion Author Lexington Posts:2,807 Points:733,785 Joined:Mar 2007	Message Posted: Jul 3, 2009 9:44:00 PM Ignore Blue_Cruzer Report Abuse Why hasn't the price of natural gas dropped to the consumer?
FuelRacer1132 All-Star Author Iowa Posts:656 Points:159,890 Joined:May 2007	Message Posted: Jul 3, 2009 9:43:41 PM Ignore FuelRacer1132 Report Abuse Let me understand, lower price, less drilling. Higher pricing, more rigs a runnin'. Do the sheeple understand what is going on here?