Despite the dramatic plunge in oil prices, the U.S. oil and gas rig count dropped only one to 792 in the past week while Oklahoma remained steady with a count of 46 active rigs.
However, the rig counts were also obtained as oil prices plummeted and companies started making cuts in capex for 2020. It could mean spending cuts and decisions to suspend new drilling operations might not affect numbers for another week or more.
Baker Hughes Co. reported the oil rig count grew by one to reach 683 while the number of gas rigs fell by two to 107. This past week’s count is 234 below the count of 1,206 reported one year ago and the decline includes 150 fewer oil rigs and 86 gas rigs.
Oklahoma’s count of 46 compares to the 111 rigs drilling in the state last year at this time. Texas saw an increase of four to 408 rigs, still below the 501 rigs active a year ago.
Colorado remained at 21 while Louisiana saw a decline of five rigs at 47. New Mexico added one to reach 117 active rigs. North Dakota stayed at 57 while Wyoming saw a decline of one to 20 rigs.
The Red Top Rig Report published by the Independent Oil and Gas Service in Wichita reported the rig count in Kansas rebounded by 8 from a week ago to reach 22 active rigs.
The Permian Basin added three rigs to reach 418 drilling in West Texas and Southeast New Mexico. The Granite Wash in Oklahoma and the Texas Panhandle remained at two rigs while the Mississippian in northern Oklahoma and southern Kansas stayed at two.
The Ardmore Woodford continued with four rigs while the Arkoma Woodford stayed at only one rig.
The D-J Basin in Colorado was unchanged at 20 while the Eagle Ford in South Texas remained at 68 rigs The Williston in North Dakota remained at 52.