US Drops Another Eight Oil, Gas Rigs

The U.S. rig count continued its decline this week as the nation dropped another eight oil and gas rigs, according to weekly data from Baker Hughes, a GE Company.

Six oil rigs and two gas rigs were shed, bringing the total number of active rigs to 934, which is 123 fewer rigs than a year ago.

Alaska led all states in rig losses, shedding four rigs this week. Louisiana and Oklahoma dropped two rigs apiece while Kansas and Texas dropped one rig each.

New Mexico was the only state to add rigs, tacking on two.

Among the major basins, the Cana Woodford and Haynesville lost three rigs and two rigs, respectively.

The Granite Wash added two rigs as did the Permian.

Energy research firm Rystad Energy recently refuted speculations that the Permian’s well performance was declining. In fact, fracking operations in the Permian continue to break records.  

The Permian’s total number of active rigs stands at 444, accounting for almost half of the nation’s active rig count.