US Oil, Gas Rig Count Plummets by 19

The U.S. dropped 16 oil rigs and three gas rigs for a net loss of 19 rigs, according to weekly data from Baker Hughes, a GE Company.

This is in sharp contrast to last week’s gain of six oil rigs.

This brings the total number of the nation’s active rigs to 916, down 128 from the count of 1,044 a year ago.

The following states lost rigs:

• Pennsylvania (-6)
• Colorado (-4)
• Texas (-4)
• Oklahoma (-3)
• Alaska (-2)
• New Mexico (-2)
• Louisiana (-1)

West Virginia and Kansas were the only states to add rigs this week at three and one, respectively.

Among the major basins, the Permian led this week with a loss of seven rigs. Despite the loss, the Permian still has 434 active rigs, which account for almost half of the nation’s active rigs.

Additional losses include:

• DJ-Niobrara (-5)
• Marcellus (-3)
• Ardmore Woodford (-1)
• Cana Woodford (-1)

The Mississippian added one rig this week.

To contact the author, email Valerie.Jones@Rigzone.com