The U.S. rig count lost a dozen rigs last week, marking two and half months of consecutive declines.

The number of rigs drilling for oil and gas in the United States fell by 12 rigs to 502 as of February 26 compared to 1,267 rigs a year ago, according to Baker Hughes.

The drops marked the tenth straight week of falling U.S. rig counts, Reuters said.

The U.S. gas rig count ticked up by one to 102 rigs but that gain was offset by a loss of 13 oil rigs that pushed the U.S oil rig count down to 400 from 986 rigs a year ago.

The directional drill count fell to 47 rigs after a one rig loss while the horizontal rig count slid by 17 rigs to 397, down from 946 a year ago.

The vertical rig count jumped to 58 rigs thanks to an eight rig gain but was still down from 194 rigs operating during the same week last year.

Texas once again posted the most rig losses of any major producing state after losing five rigs last week.

Louisiana was the only major producing state to post a rig gain as its rig count ticked up by two.

New Mexico lost three rigs last week while Alaska and California gained two rigs each.

Ohio, Pennsylvania, Utah and Wyoming each lost one rig last week.

Rig counts in Arkansas, Colorado, Kansas, North Dakota and Oklahoma held steady from the previous week.

The Eagle Ford Basin, located in Texas, lost the most rigs of all the major producing basins last week after drillers dropped seven rigs.

The Permian Basin, also located in Texas, lost one rig.

The Arkoma Woodford Basin, the Granite Wash Basin, the Haynesville play and the Utica Basin also lost one rig a piece.

The Cana Woodford added three rigs last week, the only major basin to post a rig gain.

Rig counts in the Williston Basin, home of the Bakken shale play, and the Marcellus Basin held steady from last week.

Canada’s rig count fell by 31 to 175 rigs after drillers dropped 26 oil rigs and five gas rigs.

The Gulf of Mexico saw its count tick up by two to 27 rigs last week.


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