More oil and gas drilling rigs are put in storage as oil prices remain low

The impact of slumping oil prices continues to drag down the exploration efforts of energy firms both in Oklahoma and the rest of the nation. Latest figures show Oklahoma’s count dropped by 3 more rigs to reach 82. A year ago, there were 140 active oil and gas rigs in the state.

Nationally, the count plummeted by 19 to 916, according to figures from Baker Hughes Co. The past week’s count included a loss 16 oil-drilling rigs to reach 754 and a drop of 3 gas-drilling rigs to 162.

The declines mean the U.S. count is down 128 from last year when there were 1,044 rigs drilling for new energy. In the past year, the decline included 106 oil rigs and 20 gas rigs.

As an example, the depression in oil prices and the subsequent decline in rigs resulted in one less rig to leave 7 active rigs in Oklahoma’s Woodfords in south central Oklahoma. A year ago, the Granite Wash in western Oklahoma and the northern Texas Panhandle had 15 working rigs. This past week, there were only 4.

The Mississippian in Oklahoma and Kansas reported one more rig leaving 3 active rigs compared to four a year ago. The Permian Basin in West Texas and Southeast New Mexico had 434 rigs last week, a drop of 7. A year ago, there were 485 rigs.

The Williston in North Dakota remained at 48. The D-J Basin in Northern Colorado dropped by 5 to reach 25. The Eagle Ford in South Texas remained at 67 compared to the 79 rigs there last year at this time.

Oklahoma’s rig count of 82 compared to the 446 rigs in Texas, a decline of 4 from last week. The Red Top Rig Report from the Independent Oil and Gas Service in Wichita reported the Kansas rig count fell by 3 to reach 34, down 10 from last year’s count.

Colorado’s count fell by 4 to hit 28. The county in Louisiana dropped by one to 61. New Mexico’s count dropped by 2 to reach 109 while the number of rigs in North Dakota remained at 48. In Wyoming, the count stayed at 37.

 

%d bloggers like this: