Well, well

A tidbit from inside State Treasurer Ken Miller’s monthly Gross Receipts Report:

Rig counts last week were set at 192 total, 22 higher than at the same time last year. However, active natural gas rigs have dropped from 122 last year to 53 this year. Active oil rigs have climbed from 48 last year to 139 this year.

Which of course is due to the fact that the price of natural gas has been tanking, dropping as low as $2 per thousand cubic feet before rebounding to about $2.50/Mcf last month, while oil prices, while down slightly of late, are still on the high side.

If nothing else, this demonstrates the occasional wisdom of outgoing Chesapeake chairman Aubrey McClendon, who started moving the company out of gas and into oil last year.


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