U.S. drillers dropped just over a dozen rigs last week, marking the eleventh straight week of a U.S. rig count decline.
The number of oil and gas rigs operating in the United States fell by 13 to 489 rigs as of March 4, a significant drop from the 1,192 rigs operating during the same time last year, according to Baker Hughes.
According to data provided by Baker Hughes, the last time the U.S. rig count dipped below 490 was in April 1999.
Oil drillers dropped eight rigs last week, pulling the oil rig count down to 392 from 922 a year ago, while the gas rig count dipped by five to 97 rigs.
The directional drill count fell to 42 rigs after also losing five rigs and the vertical rig count held steady at 58 rigs.
The horizontal rig count slid by eight to 389 rigs compared to 895 rigs during the same period last year.
Texas posted a four rig loss last week and North Dakota and Oklahoma lost three rigs a piece.
Colorado booked a two rig drop while Louisiana, New Mexico and West Virginia each posted a one rig loss.
Rig counts in Arkansas, California, Kansas, Ohio, Pennsylvania and Wyoming were unchanged from last week.
The Permian Basin in Texas posted the largest rig loss of all the major U.S. basins after drillers in the play dropped six rigs.
The Williston Basin, home of the Bakken shale play, saw its rig count drop to 33 rigs last week after losing three rigs.
The DJ-Niobrara, Eagle Ford, Marcellus and Mississippian basins each lost one rig last week.
The Cana Woodford, the Granite Wash and Haynesville basins added one rig each last week.
Canada’s oil and gas rig count fell by 46 last week to 129 rigs after losing 33 oil rigs and 13 gas rigs.
The rig count in the U.S. Gulf of Mexico dropped to 24 after losing three rigs, down from 49 rigs a year ago.