North American Rig Counts Continue Decline

The number of U.S. oil and gas rigs declined by 48 last week, according to data released today by Baker Hughes, which shows the number of U.S. rigs is now down to 1,310, a decrease of 461 from a year ago and the lowest since January 2010.

 

Of the U.S. rigs shut down this week, 37 were oil and 11 were gas. Oil rigs are now down to 1,019 and gas rigs down to 289, showing respective decreases from a year ago of 406 and 53.

 

By state, the largest number of rig shut downs last week were in Texas and Oklahoma, which saw 22 and 16 rigs shut down, respectively.

 

Canada also saw its rig count decrease, now at 360, down 22 from last week and 272 from a year ago.

 

North American rig totals are now at 1,670, down 70 from last week and down 733 from a year ago.