The U.S. rig count booked another week of double digit loses after drillers shed 27 rigs.
According to Baker Hughes, the number of rigs drilling for oil and gas in the United States fell to 514 rigs as of Feburary 19, down from 1,310 rigs during the same week last year.
Oil drillers accounted for the bulk of the drops as the oil rig count slid down by 26 to 413 rigs, a steep fall from the 1,019 oil rigs operating a year ago.
The gas rig count ticked down by only one rig and ended the week at 101 rigs compared to 289 rigs a year ago.
The directional rig count dropped to 48 rigs last week after also losing one rig.
Horizontal drillers lost 17 rigs, pulling the horizontal rig count down to 416 rigs, while the vertical rig count dipped to 50 rigs after losing nine rigs.
Texas once again lost the most rigs of any major producing state as drillers shed 12 rigs last week, with seven of those drops coming from the Permian Basin and four of those drops coming from the Eagle Ford Basin.
Oklahoma and North Dakota lost three rigs each and Louisiana lost two rigs.
Colorado, Kansas, New Mexico and Wyoming shed one rig a piece.
Rig counts in Alaska, Arkansas, California, Ohio, Pennsylvania, Utah and the Gulf of Mexico held steady from last week.
The Williston Basin, home of the Bakken shale play, lost three rigs last week and the Granite Wash Basin gained two rigs.
The Canadian drill count fell to 206 rigs after losing nine oil rigs and seven gas rigs.