The U.S. rig count decline may be showing signs of slowing down after drillers shed only 3 rigs last week and three major states added rigs.
According to Baker Hughes, the U.S. rig count sunk to 885 rigs as of the week ending on May 22, a steep fall from the 1,857 rigs operating during the same period last year.
The drop marks the twenty fourth straight week of U.S. rig losses.
U.S. offshore drillers shed 5 rigs last week, dragging the offshore rig count down to 29 rigs, about half of the 58 rigs active a year ago.
Rigs looking for oil in the United States fell by 1 to 659 rig while the number of gas rigs slid to 222, a 1 rig loss from last week.
The directional rig count ticked down to 85 rigs after a 4 rig loss while horizontal drillers shed 2 rigs, pushing the horizontal count down to 683 rigs.
New Mexico and Pennsylvania each added 3 rigs last week while Arkansas added 2 rigs.
Louisiana saw its rig count drop to 69 after a 4 rig loss while West Virginia’s count fell to 18 rigs after the state dropped 3 rigs.
Rig counts at most of the major U.S. basins were unchanged from last week.
The Eagle Ford Basin, located in Texas, lost only 1 rig last week while the Permian Basin’s count held steady at 233 rigs, reversing weeks of declines.
The Utica Basin and the Williston Basin, home of the prolific Bakken shale play, each booked a 1 rig loss.
The Fayetteville Basin saw its count tick up to 8 rigs after adding 2 rigs last week.
The total North American rig count fell by 8 to 957 rigs, less than half of the 2,011 rigs looking for hydrocarbons last year.
Canadian drillers dropped 5 rigs last week, bringing the country’s total rig count down to 72 from 154 rigs a year ago.