Oil rig count continues to see the steepest declines

The U.S. rig count continued to fall this week as WTI crude oil prices remained near $30 per barrel. The total number of rigs operating in the U.S. fell to 514 in the week ended February 19, down 5% from a week ago, according to Baker Hughes (ticker: BHI, BakerHughes.com).

The decline in oil rigs continued to make up the majority of the losses as the U.S. rig count quickly approaches the 500-mark. The number of machines actively drilling for oil this week fell 6% to 413 from a week ago, while those drilling for gas fell by just one rig to 101 total.

The majority of the losses were in Texas again this week, with the state reporting 12 fewer rigs. On a basin-by-basin level, the Permian laid down seven rigs, while the Eagle Ford laid down four, representing the largest losses in the basins tracked by BHI. The only basin that saw gains this week was the Granite Wash, which reported two additional rigs, bringing its total to ten.

The Canadian rig count continued to fall this week as well, with Baker Hughes showing 206 operational rigs in the country, down 7%, or 16 rigs, from last week.

Legal Notice