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The Zacks Analyst Blog Highlights: Halliburton, Schlumberger, Transocean, Whiting Petroleum and Earthstone Energy
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For Immediate Release
Chicago, IL – August 24, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Halliburton Company (HAL - Free Report) , Schlumberger Limited (SLB - Free Report) , Transocean Ltd. (RIG - Free Report) , Whiting Petroleum Corporation and Earthstone Energy, Inc. .
Here are highlights from Monday’s Analyst Blog:
U.S. Oil and Gas Rig Tally Rises 3rd Straight Week: Here's Why
In its weekly release, Baker Hughes reported an increase in the U.S. rig count from the prior week.
More on the Rig Count
Baker Hughes' data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.
A change in the Houston-based oilfield service player's rotary rig count impacts demand for energy services like drilling completion and production, provided by the likes of Halliburton Co., Schlumberger and Transocean.
Details
Total US Rig Count Rises: The count of rigs engaged in the exploration and production of oil and natural gas in the United States was 503 for the week through Aug 20,higher than the prior-week count of 500. Thus, the tally has increased for three successive weeks, thanks to a massive recovery in oil price. The count is the highest since April 2020. The current national rig count is higher than the year-ago level of 254.
The number of onshore rigs for the week ended Aug 20 totaled 485, higher than the prior-week count of 484. In offshore resources, 15 rigs were operating, higher than the prior-week count of 14.
US Oil Rig Count Increases: Oil rig count was 405 for the week ended Aug 20, higher than the prior-week count of 397. The current tally of oil rigs — far from the peak of 1,609 attained in October 2014 — is higher than the year-ago figure of 183.
Natural Gas Rig Count Slips in US: Natural gas rig count of 97 decreased from the prior-week count of 102. The count of rigs exploring the commodity was, however, higher than the prior-year week's 69. Per the latest report, the number of natural gas-directed rigs is 94% below the all-time high of 1,606 recorded in 2008.
Rig Count by Type: The number of vertical drilling rigs totaled 19 units, higher than the prior-week count of 17. Horizontal/directional rig count (encompassing new drilling technology with the ability to drill and extract gas from dense rock formations, also known as shale formations) of 484 compared favorably with the prior-week level of 483.
Gulf of Mexico (GoM) Rig Count Increases: GoM rig count was 14 units, of which all were oil-directed. The count was higher than the prior-week tally of 13.
Rig Count in Prolific Basin
Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 246, higher than the prior-week count of 244. The tally for oil drilling rigs in the basin increased for two straight weeks.
Outlook
Although the price of West Texas Intermediate crude, trading at more than $60 per barrel mark, has declined in the past several days, the commodity's price is still significantly higher than the pandemic-hit April last year, when oil was in the negative territory. With coronavirus vaccines being rolled out at a massive scale, the demand for fuel will possibly improve further. This has paved the way for further rig additions although drilling activities have slowed down as upstream players are focusing mainly on stockholder returns rather than boosting output.
Meanwhile, investors may keep an eye on two energy stocks that are expected to benefit if oil price continues to stay healthy — Whiting Petroleum Corp. and Earthstone Energy. While Whiting Petroleum sports a Zacks Rank #1 (Strong Buy), Earthstone Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights: Halliburton, Schlumberger, Transocean, Whiting Petroleum and Earthstone Energy
For Immediate Release
Chicago, IL – August 24, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Halliburton Company (HAL - Free Report) , Schlumberger Limited (SLB - Free Report) , Transocean Ltd. (RIG - Free Report) , Whiting Petroleum Corporation and Earthstone Energy, Inc. .
Here are highlights from Monday’s Analyst Blog:
U.S. Oil and Gas Rig Tally Rises 3rd Straight Week: Here's Why
In its weekly release, Baker Hughes reported an increase in the U.S. rig count from the prior week.
More on the Rig Count
Baker Hughes' data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.
A change in the Houston-based oilfield service player's rotary rig count impacts demand for energy services like drilling completion and production, provided by the likes of Halliburton Co., Schlumberger and Transocean.
Details
Total US Rig Count Rises: The count of rigs engaged in the exploration and production of oil and natural gas in the United States was 503 for the week through Aug 20,higher than the prior-week count of 500. Thus, the tally has increased for three successive weeks, thanks to a massive recovery in oil price. The count is the highest since April 2020. The current national rig count is higher than the year-ago level of 254.
The number of onshore rigs for the week ended Aug 20 totaled 485, higher than the prior-week count of 484. In offshore resources, 15 rigs were operating, higher than the prior-week count of 14.
US Oil Rig Count Increases: Oil rig count was 405 for the week ended Aug 20, higher than the prior-week count of 397. The current tally of oil rigs — far from the peak of 1,609 attained in October 2014 — is higher than the year-ago figure of 183.
Natural Gas Rig Count Slips in US: Natural gas rig count of 97 decreased from the prior-week count of 102. The count of rigs exploring the commodity was, however, higher than the prior-year week's 69. Per the latest report, the number of natural gas-directed rigs is 94% below the all-time high of 1,606 recorded in 2008.
Rig Count by Type: The number of vertical drilling rigs totaled 19 units, higher than the prior-week count of 17. Horizontal/directional rig count (encompassing new drilling technology with the ability to drill and extract gas from dense rock formations, also known as shale formations) of 484 compared favorably with the prior-week level of 483.
Gulf of Mexico (GoM) Rig Count Increases: GoM rig count was 14 units, of which all were oil-directed. The count was higher than the prior-week tally of 13.
Rig Count in Prolific Basin
Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 246, higher than the prior-week count of 244. The tally for oil drilling rigs in the basin increased for two straight weeks.
Outlook
Although the price of West Texas Intermediate crude, trading at more than $60 per barrel mark, has declined in the past several days, the commodity's price is still significantly higher than the pandemic-hit April last year, when oil was in the negative territory. With coronavirus vaccines being rolled out at a massive scale, the demand for fuel will possibly improve further. This has paved the way for further rig additions although drilling activities have slowed down as upstream players are focusing mainly on stockholder returns rather than boosting output.
Meanwhile, investors may keep an eye on two energy stocks that are expected to benefit if oil price continues to stay healthy — Whiting Petroleum Corp. and Earthstone Energy. While Whiting Petroleum sports a Zacks Rank #1 (Strong Buy), Earthstone Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.