U.S. rig gains slowed last week but still ended the week in positive territory.
According to Baker Hughes, the number oil and gas rigs operating in the United States rose by three to 754 as of February 24, up from 502 rigs a year ago.
The oil rig count rose by five rigs to 602 rigs last week, a significant gain over the 400 oil rigs operating in the year-ago period.
The gas rig count ticked down by two rigs to 151 rigs last week compared to 102 rigs a year ago.
The directional drill count fell by three to 69 rigs compared to 47 rigs during the same period last year.
A 10 rig gain pushed the horizontal rig count up to 624 rigs compared to 397 rigs a year ago.
The vertical rig count declined to 61 rigs after a four rig loss last week but was still up from 58 rigs a year ago.
Texas posted the largest gain of all the major producing states last week after an eight rig gain.
The gain pushed Texas’s rig count up to 386 rigs compared to 231 rigs a year ago.
A two rig loss in Louisiana pulled the state’s rig count down to 49 rigs but was still two rigs above the year ago level.
Alaska’s rig count dropped to seven rigs last week after a two rig loss, down from 11 rigs a year ago.
A one rig loss in North Dakota dropped the state’s rig count down to 34 rigs compared to 36 rigs a year ago.
Wyoming’s rig count rose by one to 19 rigs last week, a significant gain from the nine rigs operating a year ago.
Rig counts in Arkansas, California, Colorado, New Mexico, Ohio, Oklahoma, Pennsylvania and Utah held steady from last week and were still above year-ago levels.
Rig counts in Kansas and West Virginia were unchanged from last week and ended the week below year-ago levels.
Drillers in the Permian Basin added three rigs last week, boosting the play’s rig count up to 306 rigs compared to 164 rigs a year ago.
The Eagle Ford Basin saw its rig count rise to 64 rigs after a three rig gain, up from 47 rigs a year ago.
Drillers in the Cana Woodford Basin boosted the play’s count up to 51 rigs after a two rig gain, up from 36 rigs a year ago.
A one rig loss in the Granite Wash Basin pulled the area’s rig count down to 12 rigs compared to nine rigs a year ago.
The Williston Basin’s rig count fell to 35 rigs last week after a one rig loss, down from 36 rigs during the same period last year.
The Haynesville Basin saw its rig count fall by one to 12 rigs last week, up from nine rigs in the year-ago period.
The Gulf of Mexico saw its rig count hold steady at 17 last week, down from 27 rigs a year ago.
Canada’s rig count rose by 10 rigs to 341 rigs last week, up from 175 rigs a year ago, after drillers added 12 oil rigs and dropped two gas rigs.