US Rig Count Declines by Five

The U.S. shed three oil rigs and two gas rigs to total a net loss of five rigs this week, according to data from Baker Hughes, a GE Company.

All losses were land rigs. This follows last week’s loss of eight rigs and continues the downward trend of the nation’s rig demand.

Currently, the nation’s total number of active rigs sits at 855, which is 197 fewer rigs than the count of 1,052 a year ago.

Texas led all states with four rigs lost. Oklahoma lost three rigs and West Virginia lost two rigs. The following states lost one rig apiece: California, Colorado, Louisiana and Wyoming.

Conversely, New Mexico gained four rigs while Alaska, North Dakota and Utah gained one rig apiece.

Among the major basins, the Cana Woodford, Eagle Ford and Marcellus lost two rigs each, while the DJ-Niobrara lost one rig.

The Williston tacked on two rigs while the Permian added one rig. At 415 active rigs, the Permian accounts for nearly half of the U.S. total number of active rigs.

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