NEW YORK Increasing drill pad efficiencies should bode well for demand even as rig counts stagnate, according to oilfield services provider Halliburton Co.
"We are now expecting the rig count to remain relatively flat for the remainder of the year as we absorb a meaningful switch to multiwell pad activity among our customer base," chairman, president and chief executive officer Dave Lesar said during the Houston-based companys second-quarter conference call. "We believe this incremental drilling efficiency gains will provide for higher service intensity." He said that multipad drilling, which increases the number of wells drilled per operational rig, now makes up about 50 percent of U.S. activity.
"In spite of relatively flat sequentially U.S. rig count, drilling efficiencies (and) the trend towards multiwell pads are driving a more robust well count," executive vice president and chief operating officer Jeff Miller said during the conference call. Pad sizes are increasing, "driving more efficiency and more service intensity."
Pipe and tube executives have said that increasing wells drilled per operational rig are spurring demand even with rig counts well below last years levels (amm.com, Feb. 5).
The U.S. drill rig count stood at 1,770 last week, down from 1,935 a year ago, according to Baker Hughes Inc.