Rig counts are up For a few years (2019 to 2021), over 90 percent of the Company’s incinerator rental fleet was in Colorado and North Dakota where regulation supports demand for its proprietary high efficiency waste gas incineration systems.
Comparing pre-covid rig counts (May 2019) with May 2022 rig counts in Colorado and North Dakota indicates that rigs running in Colorado and North Dakota are still half of what they were. Comparing with last year's rig count, in Colorado rig count are up by 60% and in North Dakota by 125%.
| BAKER HUGHES |
| ROTARY RIGS RUNNING - BY STATE |
| May 2022 |
| | May 06 | | May 13 | | May 20 | | May 27 | | May Avg |
| COLORADO | 15 | | 16 | | 16 | | 16 | | 16 |
| NORTH DAKOTA | 35 | | 36 | | 36 | | 36 | | 36 |
| TOTAL UNITED STATES | 705 | | 714 | | 728 | | 727 | | 719 |
| CANADA-LAND | 91 | | 88 | | 87 | | 101 | | 92 |
| CANADA-OFFSHORE | 0 | | 0 | | 1 | | 2 | | 1 |
| TOTAL CANADA | 91 | | 88 | | 88 | | 103 | | 93 |
| GRAND TOTAL | 796 | | 802 | | 816 | | 830 | | 811 |
| BAKER HUGHES |
| ROTARY RIGS RUNNING - BY STATE |
| May, 2021 |
| | May 07 | | May 14 | | May 21 | | May 28 | | May Avg |
| COLORADO | 10 | | 10 | | 10 | | 9 | | 10 |
| NORTH DAKOTA | 15 | | 16 | | 16 | | 16 | | 16 |
| TOTAL UNITED STATES | 448 | | 453 | | 455 | | 457 | | 453 |
| CANADA-LAND | 54 | | 58 | | 57 | | 61 | | 58 |
| CANADA-OFFSHORE | 1 | | 1 | | 1 | | 1 | | 1 |
| TOTAL CANADA | 55 | | 59 | | 58 | | 62 | | 59 |
| GRAND TOTAL | 503 | | 512 | | 513 | | 519 | | 512 |
| BAKER HUGHES |
| ROTARY RIGS RUNNING - BY STATE |
| May, 2020 |
| | May 01 | | May 08 | | May 15 | | May 22 | | May 29 | | May Avg |
| COLORADO | 8 | | 8 | | 8 | | 6 | | 6 | | 7 |
| NORTH DAKOTA | 26 | | 20 | | 16 | | 14 | | 12 | | 18 |
| TOTAL UNITED STATES | 408 | | 374 | | 339 | | 318 | | 301 | | 348 |
| CANADA-LAND | 25 | | 24 | | 20 | | 18 | | 18 | | 21 |
| CANADA-OFFSHORE | 2 | | 2 | | 3 | | 3 | | 2 | | 2 |
| TOTAL CANADA | 27 | | 26 | | 23 | | 21 | | 20 | | 23 |
| GRAND TOTAL | 435 | | 400 | | 362 | | 339 | | 321 | | 371 |
| | | | | | | | | | | | |
| BAKER HUGHES |
| ROTARY RIGS RUNNING - BY STATE |
| May 2019 |
| | May 03 | | May 10 | | May 17 | | May 24 | | May 31 | | May Avg |
| COLORADO | 33 | | 33 | | 33 | | 31 | | 31 | | 32 |
| NORTH DAKOTA | 57 | | 56 | | 56 | | 57 | | 57 | | 57 |
| TOTAL UNITED STATES | 990 | | 988 | | 987 | | 983 | | 984 | | 986 |
| CANADA-LAND | 58 | | 59 | | 59 | | 75 | | 83 | | 67 |
| CANADA-OFFSHORE | 3 | | 4 | | 4 | | 3 | | 2 | | 3 |
| TOTAL CANADA | 61 | | 63 | | 63 | | 78 | | 85 | | 70 |
| GRAND TOTAL | 1051 | | 1051 | | 1050 | | 1061 | | 1069 | | 1056 |
In May 2019, Crude oil prices were trading in the US$50 to US$60 range. Oil prices started 2022 at US$75 and are now trading in the US$115 range.
All the signs are pointed in the right direction. Investors are hoping that Questor's Colorado and North Dakota clients are calling and renting,
https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart
https://rigcount.bakerhughes.com/na-rig-count/