US Drillers Drop Five Rigs
The U.S. dropped five oil rigs and gained one gas rig for a net loss of four rigs this week, according to weekly data from Baker Hughes, a GE Company.
This brings the nation’s overall rig count to 963, which is 89 less than the count of 1,052 one year ago.
New Mexico led all states, adding three additional rigs this week. Alaska added two rigs and West Virginia added one rig.
Oklahoma led all states in declines with a drop of five rigs this week. Louisiana dropped four rigs and Texas dropped one rig. Texas has now dropped rigs seven out of the last eight weeks.
Among the major basins, the Cana Woodford and the Haynesville each dropped two rigs while the Permian added two rigs and the Marcellus added one.
Currently, the Permian has 443 active rigs, which accounts for almost half of the nation’s total rig count.
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