With oil prices less than $20 following a Monday where prices went into the negative range, the nation’s rig count continues to dwindle, losing 64 in the past week according to the Baker Hughes figures released on Friday.
Oklahoma lost four more rigs, leaving only 20 actively drilling for oil or gas in the state, compared to 102 reported a year ago. Nationally, the count dropped to 465 including 60 more oil rigs and four more gas rigs. Only 378 oil rigs are still seeking new energy while the number of gas rigs is down to 85.
A year ago, the U.S. had 991 rigs but has lost 526 in the past year including 427 oil rigs and 101 gas rigs.
The count in Texas dropped by 31 to 231 compared to the 491 reported a year ago. Colorado dropped one to fall to 15 rigs while Louisiana’s count slipped by one to 40. New Mexico is down 14 rigs to only 70. North Dakota dropped by seven to 27. Wyoming remained at only six rigs compared to the 32 it had a year ago.
Only four active rigs are reported in Kansas by the Red Top Rig Report, a decline of one in the past week and 27 fewer than last year at this time.
The Mississippian play in Oklahoma and Kansas lost the one remaining rig and has no drilling activity. The Granite Wash remained t two while the Permian Basin in West Texas and southeast New Mexico declined by 37 to 246 rigs. A year ago, there were 460 rigs in the Permian.
The Ardmore Woodford remained at four while the Arkoma lost its only rig and has no activity. The D-J Basin in Colorado slipped by one to 15 while the Eagle Ford in South Texas declined by 7 to 35 rigs.