Baker Hughes (ticker: BHI), in its weekly release, says the number of rigs exploring for oil and natural gas in the U.S. declined to 988 this week. This marked the first time the weekly count was below 1,000 since September 2009.
Texas led decliners by 29 rigs, Oklahoma -5, New Mexico -4, North Dakota -2. Colorado, Ohio and Wyoming each were down by one rig from last week’s tally. Arkansas and Kansas each added a rig; Alaska, California, Louisiana, Pennsylvania, Utah and West Virginia were unchanged.
According to Baker Hughes, U.S. rig count peaked at 4,530 in 1981 and troughed at 488 in 1999.
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