US rig count continues downward spiral

Rig counts continued their slow decline in most oil and gas producing states across the country in the past week. While the nation’s count dropped by 8 to 860, Oklahoma’s count remained unchanged at 66 rigs.

The national count included a drop of 6 working oil rigs to 713 while the number of gas rigs declined by two to 16. Compared to one year ago, the national count is down from 194 from 1,054.

The lone exception to a decline was in Kansas, where according to the Red Top Rig Report published by the Independent Oil and Gas Association, the count increased by two to 39.

Colorado’s count dropped by one to 25 while in Louisiana, the count slipped one to 56. New Mexico remained at 109. North Dakota stayed at 53. Texas dropped 5 to reach 418 while Wyoming’s count fell by one to 34.

Of the oil plays, the Ardmore Woodford in Oklahoma remained at 2 while the Arkoma Woodford continued with three rigs.

The Granite Wash dropped by one to two. The Mississippian continued with two. The Permian Basin in Texas and New Mexico fell by 3 to 414 rigs compared to the 486 reported a year ago.

The Williston in North Dakota remained at 53 while the Eagle Ford in South Texas dropped one to 62. The D-J Basin in Colorado dropped one to 25.