The nation’s oil and gas rig count slipped only one to 265 rigs in the past week while Oklahoma rebounded by one to reach 10 active rigs. It means more and more oil and gas rigs have been put into storage while exploration and production companies wait for prices to rebound higher.
Baker Hughes Co. released its weekly rig count on Friday showing Oklahoma’s count compares to the 102 rigs reported one year ago. The US count is down 702 from the 967 reported last year at this time.
Nationally, the count of oil rigs declined by one to 188. But the number of oil rigs is down 605 compared to a year ago.
The number of gas rigs in the U.S. remained steady at 75 but the count is still 98 fewer than last year.
Oklahoma’s count of 10 rigs compares to 112 in Texas where the number increased by one. A year ago, there were 464 active rigs drilling in Texas.
Kansas added one rig to reach 10 in the past week, far below the 28 reported one year earlier according to the Red Top Rig Report published by the Independent Oil and Gas Service. Colorado’s count slipped by one to five rigs while Louisiana was unchanged at 32.
New Mexico’s count dropped by one to 50, down from the 99 reported in late June of 2019. North Dakota remained at ten rigs. Wyoming, according to Baker Hughes, has no active rigs drilling in the state after losing one in the past week.
The Permian remains the most active of the shale plays in the country with 131 rigs, one less than a week ago. Imagine, a year ago, the Permian Basin had 441 active rigs.
The Granite Wash remains void of any rigs while the Mississippi play in Oklahoma and southern Kansas also has no rig activity.
The Eagle Ford of South Texas has only four active rigs after losing one in the past week. The D-J Basin in Colorado saw its count decline by one, leaving only four active rigs.
The Ardmore Woodford in Oklahoma has only one rig, same as a week ago while the Arkoma Woodford remains void of any rig activity.