Rig counts fell 3% in the last week, the smallest decline in the month of February
The Baker Hughes (ticker: BHI) rig count for the week ended February 27, 2015 showed declines in rig counts continued, but at a slower pace. The total rig count fell to 1,267 this week, down 43 from 1,310 for the week ended February 20, 2015.
The most recent BHI rig count continues the downward trend in active rigs since the sharp fall in oil prices at the end of last year. The 43 rigs laid down in the last week represent a 3% decline from the previous week’s rig count, and is the smallest decline in the weekly rig counts for the month of February.
The Williston Basin saw the largest declines by basin, with 12 rigs laid down, followed by the Permian, which shuttered 7 rigs. The state of Alaska added five rigs for a total of 12. Compared to this week last year, the rig count is down 502 rigs, or 28%.
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