The evolution of rig counts across the oil and gas industry
A number of major milestones have directly impacted the oil and gas industry in the United States and Canada. From the Great Recession to the fracking revolution to OPEC’s resolution not to cut production in late 2014, these world events have helped shape requirements for energy firms.
The chart is a time series by U.S. state and Canadian province demonstrating the effect of major global events on rig count across these geographies. The width of the lines indicates the changing volume in active drilling rigs between 2003 and 2016.
The energy sector’s road to recovery is paved with challenges, but alternative approaches offer opportunities.