U.S. drillers shed another 34 rigs last week marking the twentieth consecutive week of rig losses.

Onshore oil and gas rigs accounted for all of the rigs lost in the United States during the week ending on April 17, Baker Hughes said.

The onshore rig count slid to 917 rigs last week, down from 951 a week ago and 1,765 rigs a year ago.

The total U.S. rig count fell to 954, an 877 rig loss from a year ago.

The last time the U.S. rig count dropped below 955 was in April 2009.

Rigs looking for oil in the United States fell by 26 to 734 rigs, a significant drop from the 1,510 rigs looking for oil last year.

U.S. gas drillers shed 8 rigs last week bringing the country’s total gas rig count down to 217 from 225 rigs last week.

Directional rig drillers lost only 1 rig last week while the horizontal rig count fell by 29 to 741 rigs, a steep drop from the 1,224 horizontal rigs active during the same period last year.

The U.S. vertical rig count sunk by 6 to 122 rigs, an over 50 percent drop since April 2014.

Texas once again led the pack with 15 dropped rigs last week, bringing the oil rich state’s total count to 412 rigs from 884 rigs last year.

Despite curbed drilling activity Louisiana saw its count climb to 72 rigs, up 5 rigs over last week, while New Mexico added two rigs and counts in Colorado and West Virginia held steady.

The Mississippian Basin saw the largest rig count plunge of any major basin last week with a 9 rig loss dragging the play’s count down to 31 rigs from 74 rigs a year ago.

The hard hit Eagle Ford and Permian Basins, both located in Texas, recorded single digit losses with Eagle Ford losing only 2 rigs while the Permian dropped 6 rigs.

The U.S. offshore count held steady at 33 rigs while the Gulf of Mexico saw its count tick up to 32 rigs, up one rig from last week but down from 51 rigs a year ago.

Canadian drillers lost 19 gas rigs bringing the country’s total count to 80 rigs, an over 50 percent drop from last year’s level.

The total North American rig count fell by 53 last week to 1,034 rigs, a huge drop from the 2,030 rigs drilling in the region last year.


Leave a Reply