The oil and gas rig counts in Oklahoma and other states are falling as quickly as workers can lower the rigs and put them into storage. The Baker Hughes county released on Friday showed only 24 rigs are active in Oklahoma, down two in the past week.
The oil crisis caused by the coronavirus pandemic hit so fast that oil companies have literally abandoned some areas of the state where a year ago, Oklahoma had 102 active rigs.
Nationally, the count plummeted another 73 rigs falling to only 529 including a decline of 66 oil rigs to 438 and a loss of 7 gas rigs to 89. The current U.S. count is down 483 from last year when there were 1,012 active rigs. In the past year, the decline has included 387 oil rigs and 98 gas rigs.
Colorado remained at 16 rigs in the past week while according to the Red Top Rig Report published by the Independent Oil and Gas Association, Kansas dropped by three to only five working rigs compared to the 28 it had a year ago.
Louisiana’s count slipped by two to 41 while New Mexico lost another 9 to fall to 89. North Dakota fell by seven to 34 and the count in Texas plunged by 40 to 262 rigs. A year ago, there were 500 active rigs in Texas. Wyoming has only six active rigs after losing four in the past week.
Of the oil formation searches, the Granite Wash stayed at two rigs while the Mississippian has no reported rigs according to Baker Hughes. The Permian Basin count declined by 33 to 283 while a year ago, there were 463 active rigs. The Williston in North Dakota fell by seven to 34.
The Ardmore Woodford of southern Oklahoma remained at four rigs while the Arkoma Woodford is at one rig. The DJ Basin in Colorado stayed at 16 while the Eagle Ford of South Texas declined by 9 to 42 rigs.