U.S. oil and gas drillers posted another week of double digit losses after dropping 18 rigs last week.
According to Baker Hughes, the number of rigs drilling for oil and gas in the United States fell to 619 rigs as of January 29, down from 1,543 rigs a year ago.
The drop marks the sixth straight week that the U.S. rig count has fallen.
U.S. oil drillers dropped 12 rigs last week, pulling the oil rig count down to 498 rigs from 1,223 rigs a year ago.
The gas rig count slid down to 121 rigs last week after a six rigs loss while the directional rig count dropped to 58 rigs after a two rig loss.
The number of horizontal rigs in the United States fell by 13 to 487 rigs compared to 1,168 horizontal rigs operating a year ago.
The vertical rig count ticked down by three to 74 rigs last week.
Texas recorded the largest rig drop last week with drillers shedding 13 rigs.
Alaska and Colorado both posted a two rig gain while Kansas and North Dakota each lost one rig last week.
Rig counts in Arkansas, California, Ohio, Utah, West Virginia and Wyoming held steady from last week.
Louisiana lost three rigs last week and New Mexico lost four rigs.
Drillers in the Permian Basin, located in Texas, shed 17 rigs last week, dragging the play’s count down to 182 rigs from 454 rigs a year ago.
The Barnett, Granite Wash, Marcellus and Williston basins each lost one rig last week.
The Canadian oil rig count fell by eight to 126 rigs while the country’s gas rig count dipped to 105 rigs after an 11 rig loss.
The number of rigs operating in the Gulf of Mexico slipped down by one to 28 rigs, down from 47 rigs a year ago.