US Has Net Loss of Three Rigs

Coming off a week of adding 19 oil and gas rigs, and the first rig increase in seven weeks, the U.S. had a net loss of three rigs this week, according to weekly data from Baker Hughes, a GE Company.

The U.S. added two oil rigs while dropping five gas rigs. This brings the nation’s total to 1,022 rigs – 14 higher than one year ago when the rig count was 1,008.

Oklahoma and Pennsylvania were the states that saw the most declines this week, dropping three rigs apiece. New Mexico dropped two rigs and West Virginia dropped one rig.

Texas had the most additions this week, adding three rigs. Kansas and Ohio also added one rig apiece.

Among the major basins, the Marcellus had the biggest decline this week, dropping six rigs. The Arkoma Woodford, Cana Woodford and Haynesville each dropped two rigs while the Eagle Ford dropped one rig.

Conversely, the Utica saw gains of three rigs, the Permian added two rigs and the Granite Wash added one rig.