The U.S. rig count plummeted by 48 rigs last week, one of the largest weekly declines since the rig count began falling in late 2014.
According to Baker Hughes, the number of oil and gas rigs fell to 571 rigs as of February 5 after shedding 48 rigs, a significant drop from the 1,456 rigs operating during the same week last year.
The majority of the decline was tied to a 37 rig drop in the oil rig count that pushed the number of U.S. oil rigs down to 467 from 1,140 rigs a year ago.
The U.S. gas rig count fell to 104 after losing 17 rigs while the horizontal rig count sank by 29 to 458 rigs compared to 1,088 rigs last year.
The directional drill count dropped by five rigs to 53 and the vertical rig count slid down by 14 to 60 rigs.
Texas once again posted the largest rig count drop of any major state after losing 19 rigs last week, with four of those rigs drops coming from the Eagle Ford basin and two rigs being dropped in the Permian Basin.
Oklahoma posted an eight rig loss and Louisiana lost five rigs last week.
Drillers in Pennsylvania shed three rigs while North Dakota, Utah and Wyoming each lost two rigs.
Ohio booked a one rig loss last week.
Rig counts in Alaska, Arkansas, California, Colorado, Kansas, New Mexico and West Virginia held steady from the previous week.
The Williston Basin, home of the Bakken shale play, saw its rig count fall to 42 after a two rig drop, a significant decline from the 137 rigs operating in the basin last year.
The Marcellus Basin lost three rigs last week and the Utica Basin shed one rig.
The Gulf of Mexico saw its rig count slide down to 26 rigs after a two rig loss.
Canada’s rig count jumped to 242 rigs after adding six gas rigs and five oil rigs but was still shy of the 381 rigs drilling in the same week of last year.