| US Natural Gas Rig Count: Changed Its Course Last Week | |
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US Oil and Natural Gas Rig Count: Close to a Turnaround (Continued from Prior Part) Natural gas rig count
In the US, there were 223 natural gas rigs operating in the week ending June 19—two more than in the previous week.
The fall in the natural gas rig count has slowed down in recent weeks. In aggregate, one natural gas rig was added in the four weeks ending June 19.
Since the beginning of this year, the number of natural gas rigs in operation dropped by 105. However, natural gas rigs seem to have stabilized in the past two months.
What does this mean?
A higher number of natural gas rigs in operation suggests that natural gas producers like Ultra Petroleum (UPL), Newfield Exploration (NFX), Linn Energy (LINE), WPX Energy (WPX), and Pioneer Natural Resources (PXD) are increasing their drilling activities. This could mean a rise in production.
In contrast, a fall in the number of rigs in operation indicates a slowdown in production growth or even a fall in production. This would be negative for these companies. WPX Energy accounts for 0.16% of the iShares U.S. Energy ETF (IYE).
Midstream companies like Williams Companies (WMB) as well as MLPs (master limited partnerships) specializing in natural gas storage and transport activities like AmeriGas Partners (APU), DCP Midstream Partners (DPM), and ONEOK Partners (OKS) could suffer if production falls—led by a fall in the natural gas rig count.
One-year comparisons
Natural gas rigs have been on a downward trend for about four years. The number of active natural gas rigs also fell over the last 12 months. A year ago, there were 311 natural gas rigs in operation. Currently, there are 223 rigs. That’s a fall of 88 rigs, or ~28%.
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Ultra Petroleum Inc
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CODE : UPL |
ISIN : CA9039141093 |
CUSIP : 903914109 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ultra Petroleum is a oil producing company based in United states of america. Ultra Petroleum is listed in Germany and in United States of America. Its market capitalisation is US$ 26.6 millions as of today (€ 23.6 millions). Its stock quote reached its highest recent level on June 13, 2008 at US$ 99.39, and its lowest recent point on August 07, 2019 at US$ 0.11. Ultra Petroleum has 197 100 000 shares outstanding. |