Gas rig counts Vs. Gas production

Gas rig counts are correlated to gas production.

Rig count Vs. Oil production

Rig count Vs. oil production. 

Baker Hughes Rig Counts Vs. Shale Oil/Gas Production

When rig counts rise, shale oil and gas production rises.

Rig counts dropping

Rigs dropping.

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Drilled and uncompleted wells have stopped declining, which means oil production has been maxed out.

Rig Count Vs. Oil Field Production

Rig counts are a 18-month leading indicator for oil field production. So if you know that oil production will go down next year, I would bet on rising oil prices.

The oil price is a leading indicator for rig counts. If you see the oil price (green line) go down, the rig count (blue line) will go down as well. Later on, the oil production (red line) will go down.

Oil price = Green line
Rig counts = Blue line

Oil production = Red line