Total rig count continues decline for fifth consecutive week
The current price environment has continued to put downward pressure on the number of active rigs operating in the United States. For the fifth consecutive week, Baker Hughes (ticker: BHI) reported the number of rigs in the U.S. declined, ending at 838, down from 842 a week ago.
The number of rigs drilling for oil continued to show the largest declines, falling to 640 this week, with most of the losses coming from the Eagle Ford and the Permian basins. The total number of rigs drilling for gas also declined this week, falling by one to 197.
Texas put down two rigs this week, while Arkansas, North Dakota and Oklahoma each lost one. The state to see any gains was New Mexico, which added one rig for a total of 50, about half of where the state’s rig count stood a year ago. All other states reported no change in their rig counts.
Canadian rig totals continued to decline for the sixth straight week as well, with six rigs being shuttered for a total of 176. Canadian rig totals reached their peak at the end of July when they totaled 215.
