Primary Vision Network on YouTube

August 28th, 2020


The video transcript discusses the recent drop in rig counts in the energy industry. The speaker mentions that there was a drop of about five to six rigs, bringing the total count from 295 to 287. This drop is in line with their previous expectations, as they predicted a range of 285 to 295 rigs. The speaker also mentions that there is typically a lull in rig counts during the Easter Passover spring break, but they expect the counts to start climbing back up in May and June, reaching a range of 295 to 305 rigs. They believe that there is staying power at these levels and do not anticipate any drastic changes in the oil or natural gas side. The speaker also mentions that horizontal rigs came down by five, while vertical rigs went up by one, indicating stability in the industry. They expect horizontal rigs to start increasing again, reaching about 700 rigs over the next six weeks. The speaker concludes by stating that rig additions will start coming back as we progress into April, May, and June.

Key topics: rig counts, drop in rig counts, expectations, lull in rig counts, climbing rig counts, staying power, stability, horizontal rigs, vertical rigs, rig additions.

#rigcounts #energyindustry #oilandgas #stability #rigadditions

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