US Has a Net Loss of Three Rigs

US Has a Net Loss of Three Rigs
The nation's addition of one oil rig was offset by a loss of four gas rigs this week.

The United States gained one oil rig and lost four gas rigs this week, for a net loss of three rigs, according to weekly data from Baker Hughes, a GE Company (BHGE).

Despite the loss, this marks the first week in three that the nation added oil rigs.

Alaska led all states with an addition of four rigs this week. West Virginia tacked on another two rigs.

As for declines, Texas led with four rigs. This is the sixth consecutive week of rig declines for Texas.

Pennsylvania dropped two rigs and New Mexico and Oklahoma dropped one rig apiece.

Among the major basins, the Granite Wash and Permian each saw a decline of two rigs, while the Arkoma Woodford, Mississippian and Utica all lost one rig apiece.

The Cana Woodford added one rig.

The nation’s current number of active rigs is 967, down 85 from the count of 1,052 one year ago.


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Bobby  |  June 24, 2019
I'd like to hear thoughts on this, budgets have been bad in Pennsylvania. Stocks are dropping in at least two major companies. Im hoping it's not another 2015. I was thinking they started the year out pretty strong, maybe waiting to get some return from q1?