The U.S. rig continued to sink past historic lows last week after drillers shed two gas rigs.
According to Baker Hughes, the number of oil and gas rigs operating in the United States fell by two rigs to 404 rigs as of May 20, down from 885 rigs a year ago.
The U.S. rig count has steadily fallen below historic lows since hitting 480 in early March, the lowest level on record since Baker Hughes began collecting data in 1949.
The oil rig count held steady at 318 last week, compared to 659 rigs during the same time last year.
The gas rig count slipped down to 85 after losing two rigs, down from 222 rigs a year ago.
The directional rig count climbed to 42 rigs after gaining four rigs while the horizontal rig count ticked down by one rig to 314 rigs.
The vertical rig count dropped by five rigs to 48 rigs from 117 rigs a year ago.
Louisiana added the most rigs of the major producing states last week with a seven rig gain.
Colorado and Oklahoma each gained one rig last week.
Texas once again posted the largest rig decline of the major producing states after it lost seven rigs.
Kansas and North Dakota each lost one rig last week.
Rig counts in Alaska, Arkansas, California, New Mexico, Ohio, Pennsylvania, Utah, West Virginia and Wyoming held steady from last week.
The Eagle Ford Basin, located in Texas, lost two rigs last week while the Permian Basin gained three rigs.
The Barnett play dropped three rigs while the Williston Basin, home of the Bakken shale play, lost one rig.
The Mississippian Basin lost two rigs last week.
The Gulf of Mexico saw its rig count climb to 23 after a two rig gain.
Canada’s rig count ticked up to 44 rigs after adding one gas rig.