The U.S. rig count hit another historic low last week after drillers shed just over a dozen rigs.
The number of rigs drilling for oil and gas in the United States fell by 14 rigs last week to 450, down significantly from 1,028 rigs a year ago.
Last week’s rig count marked the lowest level on record since Baker Hughes began tracking data in 1949 and marks the third time in less than a month that the rig count reached a new historic low.
The oil rig count fell to 362 rigs after losing 10 rigs, down from 802 rigs a year ago, while the gas rig count slipped by four rigs to 88 rigs.
The directional drill count fell by three rigs to 49 rigs and the horizontal rig count dropped to 346 rigs after losing 13 rigs.
The vertical rig count climbed to 55 after gaining two rigs.
Texas posted the largest rig count drop of all the major production states after losing five rigs last week.
Louisiana came in a close second with a four rig loss.
California, North Dakota and Oklahoma each lost two rigs and Alaska, Kansas and Pennsylvania lost one rig each.
New Mexico gained two rigs last week and Utah gained one rig.
Rig counts in Arkansas, Colorado, Ohio, West Virginia and Wyoming held steady from last week.
The Granite Wash Basin posted a four rig loss last week while the Permian Basin saw its rig count fall by two.
The Williston Basin and the Mississippian Basin lost two rigs each while the Cana Woodford and Marcellus basins lost one rig a piece.
Ardmore Woodford, Arkoma Woodford and Eagle Ford basins each gained one rig last week.
Canada’s rig count fell to 49 after losing six gas rigs last week.
The Gulf of Mexico’s rig count ticked down to 24 after losing three rigs, down from 29 rigs a year ago.