Rig counts reach lowest point since January 2003
The total number of rigs operating in the United States continued to fall for the third consecutive week, shedding the most rigs in terms of percentage of total rigs since May 1, according to Baker Hughes (ticker: BHI). The number of active rigs in the U.S. for the week ended September 11, totaled 848, 2% less than last week when the rig count stood 16 higher at 864.
The last time the U.S. rig count declined by more than 1% of the previous week’s total was the week ended May 1, 2015, when the rig count fell 3% to 905 from 932. The current rig count is the lowest since 2003, and is below the bottom of the 876 rigs seen during the 2009 downturn.
Similar to last week, oil rigs saw the biggest declines, losing 10. Rigs drilling for gas also decreased by 6 after holding steady at 202 for the last two weeks. Texas continued to see the largest declines, losing 9 rigs this week after seeing a decline of 11 last week. The Permian and Eagle Ford saw the most significant declines, each laying down 3 rigs.
Over the last three weeks, the U.S. rig count has declined by 37, mostly on the oil side.
The rig count in Canada has also continued its decline for a fourth week, falling to 185 from 187 last week. The Canadian total has decreased by 26 rigs in total since the week ended August 14, 2015.
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