The U.S. rig count slid for the sixteenth straight week as drillers shed another 21 rigs.

According to Baker Hughes the U.S. rig count stood at 1,048 as of March 27, a 761 rig drop from last year and a 21 rig loss over last week.

U.S. oil drillers shed 12 rigs last week bringing the total U.S. oil rig count to 813 rigs, the smallest drop in four months, Reuters said.

The number of rigs looking for gas in the United States dropped by nine last week down to 233 rigs.

Directional wells held steady at 92 while horizontal rigs dropped to 812 and vertical rigs fell by four to 144 rigs.

Rig counts at the Arkoma Woodford, Barnett, Cana Woodford, Fayetville, Granite Wash and Utica basins also held steady this week, reversing weeks of declines.

North Dakota’s rig count slid by two down to 96, marking the second straight week that the state’s rig count has sat below 100.

Texas, by far the hardest hit by curbed drilling activity, lost only three rigs last week bringing its total rig count to 462, a nearly 50 percent drop from the same period last year.

The combined North American rig count fell by 41 to 1,168 rigs, down from 2,107 rigs a year ago.

The Gulf of Mexico lost only two rigs last week while the Canadian rig count dropped to 120 rigs, the lowest level since 2009.


Leave a Reply