The U.S. rig count fell to the lowest level on record last week after losing nine rigs.
The number of oil and gas rigs drilling in the United States dropped to 480 as of March 11 compared to 1,125 rigs during the same week a year ago, according to Baker Hughes.
The decline marks the twelfth straight week of falling rig counts and the lowest level on record since data collection began in 1949, according to data provided by Baker Hughes.
The oil rig count slipped by six rigs down to 386 rigs, a significant drop from the 866 oil rigs operating a year ago.
U.S. gas drillers shed three rigs last week, pushing the gas rig count down to 94 from 257 rigs a year ago.
The directional drill count rose by eight rigs to 50 while the horizontal rig count declined to 375 rigs after shedding 14 rigs.
The vertical rig count fell by three to 55 rigs, down from 166 rigs a year ago.
Texas posted the largest rig count decline of any major producing state last week after a 12 rig loss pulled its count down to 215 rigs.
Oklahoma lost three rigs last week while New Mexico shed two rigs.
North Dakota and Ohio each lost one rig.
Louisiana and Pennsylvania each gained three rigs last week while Kansas gained two rigs .
California and Utah gained one rig a piece.
Rig counts in Alaska, Arkansas, Colorado, West Virginia and Wyoming held steady from last week.
Drillers in the Permian Basin, located in Texas, dropped six rigs and the Eagle Ford Basin, also located in Texas, lost three rigs.
The Granite Wash Basin lost two rigs last week while the Utica and Williston Basins lost one rig each last week.
The Marcellus Basin posted a three rig gain and the Mississippian Basin gained one rig.
The Gulf of Mexico saw its rig count tick up by two rigs to 26 rigs last week.
Canada’s rig count dropped to 98 rigs last week after losing 22 oil rigs and nine gas rigs.