Do Rig Counts Tell Us Everything We Need to Know? – Part 6: Foundation Being Built
July 20, 2022
Article by Jeffrey Price
The rig count zoomed up earlier this year to as much as 32 active rigs in June, but has clearly leveled off in the high 20s.
But the story is more interesting than a nice uptick. We are reading Wall Street reports that show the service industry – in the summer! – is already setting the groundwork for a ramp-up in the new year. With oil prices as stout as they have been for some time, this ramp-up that is coming sure took a long time to materialize, but it looks like there is going to be a long-lasting phase of growth in the U.S. oil & gas industry.
No wonder – take a look at our other recent posting (July 19, 2022) on the strategic importance of U.S. oil & gas.
First Keystone continues to support companies that enable the development of strategically important natural gas in Reeves County (Texas’ #1 for NG production) and the Delaware Basin by adding new infrastructure – such as industrial buildings for sale.