While U.S. drillers booked their 23 consecutive week of rig losses on Friday, several major states saw rig counts tick up, reversing weeks of nearly across the board declines.
According to Baker Hughes, the U.S. rig count dropped to 888 rigs as of the week ending on May 15, a sharp fall from the 1,861 rigs operating during the same period last year.
The number of rigs looking for oil slid by 8 to 660 rigs, down from 1,531 rigs a year ago, while gas drillers added 2 rigs and brought the U.S. gas rig count to 223 rigs.
Inland water drillers in the United States also added 2 rigs, pushing the total inland waters count up to 4 rigs, down from 13 rigs a year ago.
Directional drillers added 1 rig last week, bumping the directional rig count up to 89 rigs, while the vertical drill count held steady at 114 rigs.
The U.S. horizontal rig count fell by 7 rigs to 685 rigs last week, only a fraction of the 406 rigs operating during the same period last year.
Rig counts in California, Colorado, New Mexico and Ohio held steady from last week while Kansas added 4 rigs and Louisiana added 3 rigs.
However, the good news didn’t extend to Texas as drillers in the oil rich state saw their rig count drop to 373 last week after shedding 6 rigs.
The Permian Basin, located in Texas, booked a 4 rig drop with the play’s total count falling to 233 rigs, down from 546 rigs a year ago.
Drillers in the Eagle Ford Basin, also located in Texas, pushed the play’s count up to 108 rigs after adding 3 rigs last week.
Rig counts at Utica and Marcellus basins were unchanged from last week while the Williston Basin, home to the prolific Bakken shale play, lost 1 rig last week.
North America’s total rig count dropped by 4 rigs last week to 965, a huge fall from the 2,014 rigs operating a year ago.
Canada’s total rig count ticked up by 2 rigs last week to 77 rigs while rig counts in the Gulf of Mexico held at 33 rigs.