40th annual Reed rig census

Journal Article · Thu Oct 01 04:00:00 EDT 1992 · World Oil; (United States)

OSTI ID:7015641

Fitts, R L; Stokes, T A ^[1]

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1. Reed Tool Co., Houston, TX (United States)

This paper reports that declines characterize the 1992 rig census-in the number of available drilling rigs, in the number of active rigs, in rig utilization rate, in the number of rig owners and in industry optimism. The number of rotary rigs available for U.S. drilling fell by 255 units (11.3%) during the past 12 months, an attrition rate almost four times greater than in 1991. But despite the high attrition, only 59.7% of remaining rigs were working during the time the census was taken. Results of the 1992 census bring emphasis to an industry trend that became apparent in early 1991. The major oil companies, and many independents, continued their exodus form the U.S., and the remaining independents, which were hurt by low natural gas prices and unfavorable tax treatment of intangible drilling costs, were not able to pick u the drilling slack. Consequently, the past year has been disastrous for many U.S. drilling contractors, and the outlook for this industry segment remains bleak.

• OSTI ID: 7015641
• Journal Information: World Oil; (United States), Journal Name: World Oil; (United States) Vol. 213:10; ISSN 0043-8790; ISSN WOOIAS
• Country of Publication: United States
• Language: English

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ANIMALS
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CONTRACTOR PERSONNEL
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