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Relevant • Independent • Objective
34 rigs from the previous week and down 585 rigs from the previous year. Offshore rigs remain unchanged from the previous week and are down 19 rigs over the previous year, while inland waters’ rigs are unchanged from the previous week, but are down 10 rigs from the previous year. Table 1.1 shows the rig count in the United States, as well as oil- and gas-directed drilling activity. Table 1.1: Rig Count in the United States
Source: WTRG Economics1 Figure 1.1 illustrates the total US rotary rig count between January 2012 and present. The monthly averages decreased dramatically from 1,930 rigs in September 2014 to 1,109 rigs in March 2015. In terms of weekly averages, total US rotary rig count decreased from 1,929 rigs as of week ending November 21, 2014 to 954 rigs as of April 17, 2015. This is the lowest rig count since July 31, 2009. Figure 1.1: US Rotary Rig Count – Total Active Rigs
Source: Energy Economist2
March 2015
CERI Commodity Report — Natural Gas
Analyzing Rig In-Activity Paul Kralovic Despite the West Texas Intermediate (WTI) oil price rebounding from a low of US$43.39 per barrel on March 17, 2015 to US$55.26 per barrel on April 21, 2015, the lower prices are creating uncertainty for producers. And with capital spending budgets being reduced among oil and gas producers, nowhere is the impact being felt more than drilling activity. It is hard to imagine that between August 29, 2014 and December 5, 2014 total US rig activity – 15 consecutive weeks – exceeded the 1,900-level. In the past 4 months, however, along with the decrease in the price of crude oil, rig activity has plummeted to below 1,000 rigs. The same story rings true in Canada. When natural gas prices fell several years ago, producers tended to focus their attention to oil-directed drilling. With both commodities in a lower price environment, the reduction of capital spending will likely affect both industries. This article delves deeper into North American drilling activity – both in the US and Canada – and what it may mean for the industry. US Drilling Activity The total rotary rig count in the US is 954, as of the week of April 17, 2015, down 34 rigs from the previous week and down 877 rigs from the same time last year – a decrease of 47.9 percent. The total includes 3 classifications: offshore, land and inland. As of April 17, 2015, there are 33 rigs offshore, 921 land-based and 4 rigs that are located in inland waters. Land rigs are down
CERI Commodity Report – Natural Gas Editor-in-Chief: Dinara Millington ([email protected]) Contents Featured Article ................................................................................. 1 Natural Gas Prices.............................................................................. 6 Weather ............................................................................................ 8 Consumption and Production............................................................. 10 Transportation................................................................................... 12 Storage .............................................................................................. 14 Liquefied Natural Gas ........................................................................ 17 Drilling Activity .................................................................................. 19
US Rig Count Change Percent Change
04/17/2015 04/10/2015 04/18/2014 Weekly Annual Weekly Annual
Total U.S. 954 988 1,831 (34) (877) -3.4% -47.9%
Offshore 33 33 52 0 (19) 0.0% -36.5%
Land 921 955 1,779 (34) (858) -3.6% -48.2%
Inland Waters 4 4 14 0 (10) 0.0% -71.4%
Oil 734 760 1,510 (26) (776) -3.4% -51.4%
Percent 76.9% 76.9% 82.5% 0.0% -5.5%
Gas 217 225 316 (8) (99) -3.6% -31.3%
Percent 22.7% 22.8% 17.3% -0.0% 5.5%
U.S. & Canada 1,034 1,087 2,030 (53) (996) -4.9% -49.1%
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Analyzing the oil markets, it’s not a surprise that total oil-directed rigs in the US have been reduced by half, from 1,609 rigs on October 10, 2014 to 734 rigs on April 17, 2015. This is down from 1,510 at the same time last year, or down 51.4 percent. As of April 17, 2015, natural gas rigs decreased to 217, spending 9 consecutive weeks in the 200-level. Natural gas-directed rigs are down 31.3 percent over the last year, when rigs numbered 316. The percentage of gas-directed drilling decreased to less than 20 percent, only rebounding to 22 percent this week due to the dramatic fall in oil rig activity in the past several months. Figure 1.2 illustrates the total US rotary rig count used to drill for natural gas from January 2012 and present. As of April 17, natural gas rigs number a mere 217 rigs and gas-directed drilling accounts for approximately 22 percent. Figure 1.2: US Rotary Rig Count – Drilling for Natural Gas
Source: Energy Economist3
Table 1.2 shows rig activity by trajectory and well depth. Of the total rotary rig count in the US, horizontal drilling is the largest category by trajectory. As of the week of April 17, 2015, there are 741 rigs that utilize horizontal drilling, down 29 rigs from the previous week and down 483 rigs from the same time last year – a decrease of 39.5 percent. As of April 17, 2015, there are 122 vertical rigs and 91 directional rigs. Vertical drilling is down 6 rigs from last week and down 269 rigs from the previous year – a decrease of 68.8 percent. Directional drilling is up 1 rig from the previous week but down 125 rigs from the previous year; this a decrease of 57.9 percent from the previous year.
Table 1.2: Rig Count in the United States by Trajectory and Depth
Source: Baker Hughes4
As illustrated in Table 1.2, US data regarding drilling depth is categorized into 4 groups: under 5,000 ft, 5,000 ft to 10,000 ft, 10,000 ft to 15,000 ft, and over 15,000 ft. It is important to note that regardless of trajectory and well depth, rig activity is down considerably from the previous week and at the same time last year. For example, as of April 17, 2015, rigs under 5,000 ft, 5,000 ft to 10,000 ft, 10,000 ft to 15,000 ft, and over 15,000 ft. are all down from the previous week and down from the same time last year. This trend is mirrored in vertical and directional drilling as well, lending to the fact that the decrease in rig activity is price-based rather than the result of longer drilling lengths resulting in less need for multiple vertical or short horizontal leg wells. Canadian Drilling Activity Canadian drilling activity is not faring much better than its southern neighbor. According to Baker Hughes, the total rotary rig count in Canada is 80 as of the week of April 17, 2015, down 19 rigs from the previous week. This is, however, 119 rigs lower than the same time last year, or a decrease of 59.8 percent. Drilling in both Canada and the United States totaled 1,034 rigs at April 17, 2015, down 996 rigs from the same time last year – a decrease of 49.1 percent.
US Rig Count Change Percent Change
04/17/2015 04/10/2015 04/18/2014 Weekly Annual Weekly Annual
Total U.S. 954 988 1,831 (34) (877) -3.4% -47.9%
Directional 91 90 216 1 -125 1.1% -57.9%
<5k 9 10 34
>15k 19 17 42
10k-15k 33 31 63
5k-10k 30 32 77
Horizontal 741 770 1,224 -29 -483 -3.8% -39.5%
<5k 11 14 63
>15k 180 187 299
10k-15k 302 306 434
5k-10k 248 263 428
Vertical 122 128 391 -6 -269 -4.7% -68.8%
<5k 23 22 62
>15k 8 8 26
10k-15k 52 57 175
5k-10k 39 41 128
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Table 1.3 shows the rig count in Canada. Table 1.3: Rig Count in Canada
Source: WTRG Economics5
Figure 1.3 illustrates the total Canadian rotary rig count between January 2012 and present. The figure shows the cyclical nature of Canadian drilling rig activity. Spring thaw impacts drilling with annual plunges due to drilling crews needing to move their equipment to avoid environmental damage. That being said, it is clear that the peak of winter drilling activity this past year is considerably lower than in past years, as is the trough of the cycle. Figure 1.3: Canadian Rotary Rig Count – Total Active Rigs
Source: Energy Economist6
Of the 80 active rigs in Canada, as of week ending April 17, 2015, 20 rigs are oil-directed while 60 rigs are gas-directed. Oil-directed rigs are down from 85 rigs at the same time a year ago and gas-directed drilling rigs are down from 114 rigs at the same time last year. That’s down 76.5 percent and 47.4 percent, respectively. Interestingly, due to the rapid decline in oil-directed drilling thus far, as of April 2015, 78.3 percent of the total
drilling are gas-directed, up from a monthly average of 68.7 percent in March 2015 and up from 41.3 percent in March 2014. It is also important to note that rig utilization is only 18 percent in March 2015, down from 49 percent in March 2014. Figure 1.4 illustrates Western Canadian Sedimentary Basin (WCSB) rigs by province since January 2014. There are 49 active rigs in Alberta as of April 20, 2015, the lowest amount since May 4, 2010. This is mirrored by only 4 active rigs in Saskatchewan and 23 rigs in British Columbia, as of April 20, 2015. According to the CAODC, the total average number of active rigs in Alberta is 99 in March, down from 211 in February and down from 272 in January; this is down from 282 rigs in March of last year. And with a week left in April, drilling does not appear to be turning around; the total average number of active rigs in Alberta is 52. The total average number of active rigs in the WCSB is 165 in March, down from 317 in February and down from 388 in January, according to data from the CAODC. Figure 1.4: WCSB Active Rigs by Province – Weekly Average
Source: CAODC and CERI
Figure 1.5 illustrates the number of horizontal wells drilled across Canada thus far in the first quarter. Of the total rotary rig count in Canada, horizontal drilling is the largest category by trajectory. In 1Q2015, 79.1 percent of wells drilled are horizontal, this is up from 72.2 percent of wells in the first quarter of 2014 and 66.0 percent of wells drilled in the first quarter of 2013. Drilling activity in the first quarter of 2015 is 1,906 total wells drilled, of which 1,508 wells are horizontal. This is down significantly from 3,508 total wells drilled in the first quarter of 2014, of which 2,534 were horizontal.
Canadian Rig Count Change Percent Change
04/17/2015 04/10/2015 04/18/2014 Weekly Annual Weekly Annual
Canada 80 99 199 (19) (119) -19.2% -59.8%
Oil 20 20 85 0 (65) 0.0% -76.5%
Percent 25.0% 20.2% 42.7% 4.8% -17.7%
Gas 60 79 114 (19) (54) -24.1% -47.4%
Percent 75.0% 79.8% 57.3% -4.8% 17.7%
U.S. & Canada 1,034 1,087 2,030 (53) (996) -4.9% -49.1%
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Figure 1.5: Horizontal Wells Drilled across Canada in the First Quarter
Source: Daily Oil Bulletin, April 8, 2015
Figure 1.6 illustrates the total metres rig released in the first quarter in western and northern Canada. In the first quarter of 2015, the total number of development and exploratory metres drilled was 4.74 million metres, down from 7.7 million metres in the first quarter of 2014 – a 39 percent decrease. Figure 1.6: Total Meters Rig Released in First Quarter in Western and Northern Canada
Source: Daily Oil Bulletin, April 20, 2015
What Does it All Mean? While technological advancements in horizontal drilling have been profound, affecting the rig count, the significant decreases in rig activity of the past several months is price-based rather than the result of longer drilling lengths, which would require fewer multiple vertical, or short horizontal leg wells. Schlumberger is the latest in a long line of energy companies announcing layoffs. On April 17, 2015, the world’s largest oilfield services provider announced that it plans to cut 11,000 jobs – this is in addition to the 9,000 jobs that it announced they would cut in January of this year.7 The Houston- and Paris-based company is blaming lower prices and lower drilling activity. Other large players facing reductions in their workforce’s include ConocoPhillips, Talisman, Nexen, Baker Hughes, Halliburton and Shell. CAODC’s updated forecast for 2015 estimates a total 6,612 wells will be drilled in Western Canada with drilling contractors recording 76,696 operating days.8 This is downgraded from its original forecast, released at end-November 2014 that estimated 10,354 wells drilled and 119,578 operating days.9 To put this into perspective, 11,226 rigs were released and 11,534 rigs were completed during 2014, up from 2013 when 11,102 rigs were released and 10,847 rigs were completed.10 Drilling contractors recorded a total of 131,021 operating days in 2014,11 an increase from 120,175 operating days in 2013.12 The CAODC estimates that up to 23,000 jobs are threatened if their forecast is realized, including 3,400 direct jobs and up to 19,500 indirect jobs.13 The industry association suggests that a single active drilling rig equals 135 jobs, directly at the rig, indirectly in the service sector and labour-intensive jobs in rural communities near the oil and gas exploration and production.14 The Petroleum Services Association of Canada (PSAC) shares the sentiment. The Calgary-based organization estimates only 7,650 new wells in 2015 in Canada, nearly 2,450 wells, or 24 percent, lower than their original forecast, released in October of last year. Their original 2015 forecast estimated 10,100 wells, but was downgraded due to lower oil and natural gas prices.15
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Endnotes 1WTRG Economics, North American Rotary Rig Counts, http://www.wtrg.com/rotaryrigs.html 2www.energyeconomist.com website, Weekly Rotary Rig Count, http://www.energyeconomist.com/a6257783p/exploration/rotaryrigweekly.html 3ibid 4Baker Hughes, US Rig Count – Total Report, http://gis.bakerhughesdirect.com/Reports/StdRptTotals.aspx 5WTRG Economics, North American Rotary Rig Counts, http://www.wtrg.com/rotaryrigs.html 6www.energyeconomist.com website, Weekly Rotary Rig Count, http://www.energyeconomist.com/a6257783p/exploration/rotaryrigweekly.html 7Powersource website, Schlumberger to cut more jobs, expects delay in U.S. land drilling recovery, http://powersource.post-gazette.com/powersource/companies-powersource/2015/04/17/Schlumberger-to-cut-more-jobs-expects-delay-in-U-S-land-drilling-recovery/stories/201504170294
8CAODC website, CAODC Forecast – 2015, http://www.caodc.ca/caodc-forecast-2015 9ibid 10ibid 11CAODC website, CAODC Drilling Activity 2014, http://www.caodc.ca/caodc-drilling-activity-2014 12CAODC website, CAODC Drilling Activity 2013, http://www.caodc.ca/forecast-2013 13CAODC website, Oil Drillers Buckling Prices Decline, http://www.caodc.ca/media-room/press-releases/oil-drillers-buckling-prices-decline 14CAODC website, Rig Counts, http://www.caodc.ca/rig-counts 15Calgary Herald website, http://calgaryherald.com/business/energy/psac-drilling-forecast-adjusted-lower-to-7650-wells-in-2015
CERI Commodity Report - Natural Gas
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-14
Ap
r-14
Ju
n-1
4A
ug
-14
Oct-
14
Dec-1
4F
eb
-15
We
st
Mid
We
st
Ea
st
US
Im
po
rts o
f C
an
ad
ia
n G
as
By U
S R
eg
io
n (B
cfp
d)
02468
10
12
14
16
18
Feb
-14
Ap
r-14
Ju
n-1
4A
ug
-14
Oct-
14
Dec-1
4F
eb
-15
We
st
Mid
We
st
Ea
st
Ave
ra
ge
C
an
ad
ia
n E
xp
ort P
ric
e
By U
S R
eg
io
n (C
$/G
J)
01234
Feb
-14
Ap
r-14
Ju
n-1
4A
ug
-14
Oct-
14
Dec-1
4F
eb
-15
Co
urt
rig
ht
Sa
rnia
St.
Cla
irO
the
r
Ca
na
dia
n G
as Im
po
rts
By Im
po
rt P
oin
t (B
cfp
d)
02468
10
12
14 Ja
n-1
4M
ar-
14
Ma
y-1
4J
ul-
14
Sep
-14
No
v-1
4J
an
-15
Ca
na
da
Me
xic
o
To
ta
l U
S P
ip
elin
e G
as Im
po
rts (B
cfp
d)
CERI Commodity Report - Natural Gas
Page 14
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
0
100
200
300
400
500
600
700
800
900
1,0
00
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
Ca
na
dia
n W
ork
ing
G
as S
to
ra
ge
(B
cf, M
on
th
-e
nd
)
0
500
1,0
00
1,5
00
2,0
00
2,5
00
3,0
00
3,5
00
4,0
00
4,5
00
Ma
r-1
4M
ay
-14
Ju
l-1
4S
ep
-14
No
v-1
4J
an
-15
Ma
r-1
5
Ea
st
We
st
Pro
du
cin
g R
eg
ion
US
S
torage by R
egion (B
cf, M
onth
-end)
0
500
1,0
00
1,5
00
2,0
00
2,5
00
3,0
00
3,5
00
4,0
00
4,5
00
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
US
L
ow
er-4
8 W
ork
in
g G
as S
to
ra
ge
(B
cf, M
on
th
-e
nd
)
0
10
0
200
300
400
500
600
700
80
0
900
Ma
r-1
4M
ay
-14
Ju
l-1
4S
ep
-14
No
v-1
4J
an
-15
Ma
r-1
5
We
st
Ea
st
Canadian S
torage by R
egion (B
cf, M
onth-end)
Relevant • Independent • Objective
Page 15
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
-140
-100
-60
-20
20
60
JF
MA
MJ
JA
SO
ND
WC
_IJ
_W
D
5-Y
ea
r A
vg
.2
01
42
01
5
We
ste
rn
C
an
ad
a S
to
ra
ge
In
je
ctio
ns/W
ith
dra
wals
(B
cf, M
on
th
-e
nd
)
-250
-200
-150
-100
-500
50
100
150
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
Canadian S
torage
Injections/W
ithdraw
als (B
cf, M
onth
-end)
-100
-80
-60
-40
-200
20
40
60
80
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
Eastern C
anadian S
torage Injections/W
ithdraw
als
(B
cf, M
onth-end)
CERI Commodity Report - Natural Gas
Page 16
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
SOU
RC
E: C
ERI,
Pla
tts
Gas
Dai
ly.
-150
-100
-500
50
100
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
US
W
estern C
onsum
ing R
egion S
torage
Injections/W
ithdraw
als (B
cf, M
onth-end)
-400
-300
-200
-1000
100
200
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
US
P
roducing R
egion S
torage Injections/W
ithdraw
als
(B
cf, M
onth-end)
-12
00
-10
00
-800
-600
-400
-2000
200
400
600
800
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
US
S
torage
Injections/W
ithdraw
als (B
cf, M
onth-end)
-700
-500
-300
-100
100
300
500
JF
MA
MJ
JA
SO
ND
5-Y
ea
r A
vg
.2
01
42
01
5
US
E
astern S
torage
Injections/W
ithdraw
als (B
cf, M
onth-end)
Relevant • Independent • Objective
Page 17
SOU
RC
E: U
S D
OE.
SO
UR
CE:
US
DO
E.
SOU
RC
E: U
S D
OE.
SO
UR
CE:
US
DO
E.
02468
Feb
-13
May-1
3A
ug
-13
No
v-1
3F
eb
-14
May-1
4A
ug
-14
No
v-1
4F
eb
-15
Fre
ep
ort
La
ke
Ch
arl
es
Sa
bin
e P
as
sC
am
ero
nG
old
en
Pa
ss
Gu
lf L
NG
US
G
oM
L
NG
Im
po
rts B
y F
ac
ility (B
cf)
05
10
15
20
Feb
-13
May-1
3A
ug
-13
No
v-1
3F
eb
-14
May-1
4A
ug
-14
No
v-1
4F
eb
-15
Oth
er
Nig
eri
aT
rin
ida
dN
orw
ay
Qa
tar
Ye
me
n
US
L
NG
Im
po
rts B
y O
rig
in
(B
cf)
02468
10
12
14
16
Fe
b-1
3M
ay
-13
Au
g-1
3N
ov-1
3F
eb
-14
Ma
y-1
4A
ug
-14
No
v-1
4F
eb
-15
Co
ve
Po
int
Elb
a I
sla
nd
Ev
ere
ttN
E G
ate
wa
yN
ep
tun
e
Ea
ste
rn
U
S L
NG
Im
po
rts B
y F
ac
ility (B
cf)
02468
10
12
14
16
18
JF
MA
MJ
JA
SO
ND
20
13
20
14
20
15
Volum
e-W
eighted A
verage LN
G P
rice (U
S$/M
MB
tu)
CERI Commodity Report - Natural Gas
Page 18
SOU
RC
E: U
S D
OE,
NEB
. SO
UR
CE:
US
DO
E.
SOU
RC
E: E
IA, U
S D
OE.
SO
UR
CE:
US
DO
E.
0123456 Feb
-13
May-1
3A
ug
-13
No
v-1
3F
eb
-14
May-1
4A
ug
-14
No
v-1
4F
eb
-15
Japan
US
L
NG
E
xp
orts to
J
ap
an
(B
cf)
01234567 Feb
-13
May-1
3A
ug
-13
No
v-1
3F
eb
-14
May-1
4A
ug
-14
No
v-1
4F
eb
-15
Me
xic
oB
razil
Ja
pa
n
US
L
NG
R
e-E
xp
orts
By D
estina
tion
(B
cf)
Relevant • Independent • Objective
Page 19
SOU
RC
E: C
ERI,
CA
OD
C, B
aker
Hu
ghes
. SO
UR
CE:
CER
I, C
AO
DC
.
SOU
RC
E: C
ERI,
CA
OD
C.
SOU
RC
E: C
ERI,
CA
OD
C.
0
100
200
300
400
500
600
700
800
900
1,0
00 Ja
n-0
6J
an
-07
Ja
n-0
8J
an
-09
Ja
n-1
0J
an
-11
Ja
n-1
2J
an
-13
Jan
-14
Ja
n-1
5
Ac
tiv
e R
igs
To
tal
Rig
Dri
llin
g F
lee
t
Ca
na
dia
n R
ig
F
le
et U
tiliza
tio
n
We
ek
ly A
ve
ra
ge
Ac
tive
Rig
s
0
100
200
300
400
500
600
70
0 Jan
-09
Jan
-10
Jan
-11
Jan
-12
Jan
-13
Jan
-14
Jan
-15
SK
AB
BC
WC
SB
A
ctive
R
ig
s b
y P
ro
vin
ce
We
ek
ly A
ve
ra
ge
-
100
200
300
400
500
600
700
800
15
913
17
21
25
29
33
37
41
45
49
5-Y
ea
r A
vg
.2
01
42
01
5
We
ste
rn
C
an
ad
a A
ctive
R
ig
s
We
ek
ly A
ve
ra
ge
Week N
um
ber
0
50
0
1,0
00
1,5
00
2,0
00
2,5
00
3,0
00 Jan
-06
Jan
-07
Jan
-08
Jan
-09
Jan
-10
Jan
-11
Jan
-12
Jan
-13
Jan
-14
Jan
-15
US
WC
SB
No
rth A
me
ric
an A
ctive
R
ig
s
CERI Commodity Report - Natural Gas
Page 20
SOU
RC
E: C
ERI,
Bak
er H
ugh
es.
SO
UR
CE:
CER
I, B
aker
Hu
ghe
s.
SOU
RC
E: C
ERI,
Bak
er H
ugh
es.
0%
10%
20%
30%
40
%
50%
60%
70%
80
%
90%
100%
0
200
400
600
800
1,0
00
1,2
00
1,4
00
1,6
00
1,8
00
2,0
00
2,2
00
2,4
00 Jan
-06
Jan
-07
Jan
-08
Jan
-09
Jan
-10
Jan
-11
Jan
-12
Jan
-13
Jan
-14
Jan
-15
Oil
-dir
ec
ted
Ga
s-d
ire
cte
dG
as
-dir
ec
ted
%
US
T
ota
l A
ctive
R
ig
s
0
50
0
1,0
00
1,5
00
2,0
00
2,5
00 Jan
-06
Ja
n-0
7J
an
-08
Jan
-09
Ja
n-1
0J
an
-11
Ja
n-1
2J
an
-13
Ja
n-1
4J
an
-15
To
tal
Oil
-dir
ec
ted
Go
M G
as
-dir
ec
ted
On
sh
ore
Ga
s-d
ire
cte
d
US
T
ota
l A
ctive
R
ig
s
0
20
40
60
80
100
120 J
an
-06
Jan
-07
Jan
-08
Jan
-09
Jan
-10
Jan
-11
Jan
-12
Jan
-13
Jan
-14
Jan
-15
Oil
-dir
ec
ted
Ga
s-d
ire
cte
d
US
G
ulf o
f M
ex
ic
o A
ctive
R
ig
s
