Image courtesy of Tristan Schmurr/Flickr.

The U.S. rig count decline deepened last week but showed signs of slowing down after drillers dropped only 11  rigs.

According to Baker Hughes the total U.S. rig count dropped to 894 during the week ending on May 8, the twenty second straight week of losses.

The total North American count fell to 969 rigs, a 15 rig loss since last week and a steep fall from 2,000 rigs a year ago.

The U.S. land rig count dropped by 10 to 858 rigs last week, down from 1,782 rigs operating during the same time last year.

The number of rigs looking for oil in the United States fell by 11 week over week to 668 rigs, a nearly 50 percent drop from last year, while the gas rig count ticked down by 1 to 221 rigs.

The directional rig count slid by 5 rigs to 88 rigs while the horizontal rig count fell by 7 rigs to 692 rigs.

U.S. drillers added 1 vertical rig pushing the U.S. vertical rig count up to 114 rigs last week, down from 404 rigs from last year.

The U.S. offshore rig count held steady at 34 rigs while Canada saw its total rig count drop to 75 rigs after losing 1 oil rig and 3 gas rigs.

Oklahoma dropped the most rigs of any major state last week after shedding 6 rigs while the rig counts in Alaska, Pennsylvania and Wyoming held steady from last week.

Colorado added 2 rigs last week while drillers in North Dakota added 1 rig.

The Eagle Ford shale play in Texas lost 5 rigs last week while the Permian Basin, also in Texas, lost only one rig.

The rig count at the Williston Basin, home to the Bakken shale play, held steady at 80 rigs last week.


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