U.S. rig count falls to 541

The U.S. rig count continued to fall in the week ended February 12, 2016, according to the latest information from Baker Hughes (ticker: BHI, BakerHughes.com). In the last six months, the total number of rig counts has fallen 39% to 541 this week.

The number of rigs drilling for oil took the brunt of the decline this week, dropping to 439, 28 less than just a week ago. Gas rigs lost two this week, falling to 102 after shedding 14% of their total in the week ended February 5, 2016.

The majority of the losses continue to be focused in the Permian Basin, which saw eight rigs laid down this week. The Cana Woodford, DJ, and Williston each reported three fewer rigs this week as well. None of the major basins reported additional rigs, according to Baker Hughes. Despite being the epicenter for the declining rig count, the Permian Basin continues to have the most active rig presence, with 172 machines drilling. The next most active basin is the Eagle Ford with 58 rigs.

The Canadian rig count fell by 20 this week after a gain of 11 the previous week. With 222 rigs active, the total for the week ended February 12 remains 167% higher than were it began the year at 83 total rigs. Canadian drilling is highly seasonal, doubling in the first week of the year alone.


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