Oklahoma and most other oil-producing states suffered heavy losses in their rig counts this past week as Oklahoma’s count plummeted by 10 to only 29 active rigs. A year ago, the state had 107 oil and gas rigs drilling for new energy. The count has suffered as a result of the oil price war caused by Russia and Saudi Arabia combined with the reduced demand for gasoline due to the coronavirus pandemic globally.
Nationally, the rig count dropped by 64 to 664. The number of oil rigs dropped by 62 to 562 while the number of gas rigs fell two to 100. The U.S. rig count is 361 under the 1,025 rigs reported a year ago and during that 12-month period, the nation reported a loss of 269 oil rigs and 94 gas rigs.
Canada experienced a decline of 13 rigs in the past week to reach 41.
Oklahoma’s count of 29 compares to Texas where there is still 338 rigs, but 30 fewer than a week ago and far below the 499 reported a year ago.
New Mexico lost 9 rigs in the past week, slipping to 100 rigs, down seven from a year ago. Colorado dropped one to 18, down 14 from last year at this time. The Red Top Rig Report in Kansas showed the state has only 6 working rigs this week, four less than a week ago and 27 fewer than a year ago.
Louisiana remained at 44 but 25 fewer than last year while North Dakota’s count dropped by 6 to 42, 19 fewer than 12 months ago. In Wyoming, the number of rigs declined by 5 to 14, 24 less than last year.
Oklahoma’s Ardmore Woodford formation remained at four rigs while the Arkoma Woodford stayed at one one rig. The Granite Wash stayed at three rigs. The Mississippian in Oklahoma and southern Kansas has no active rigs after declining by one.
The DJ Basin in Colorado dropped by one to 18 rigs while the Eagle Ford in South Texas lost six rigs to 57, 21 fewer than a year ago.
The Permian Basin in West Texas and eastern New Mexico lost 31 rigs in the past week,leaving 351, far below the 462 rigs reported last year at this time. The Williston in North Dakota suffered a loss of six rigs, leaving only 43 rigs upright and drilling for new oil.
Source: Baker Hughes