Just as crude oil prices in the U.S. dropped below $60 a barrel on Friday, the number of oil and gas rigs in the nation also dropped, according to the latest Rig Count from Baker Hughes Co.
The release showed a decline of 2 rigs nationally, reaching a level of 547 total. The fall included a loss of 4 oil rigs to 418 while the number of gas rigs increased by 2 to 120. The number of miscellaneous rigs was unchanged at 9.
Oklahoma’s count fell by 3 to 40 rigs, one less from the count of 41 one year ago.
Compared to a year ago, the U.S. rig count remained 39 less than the 586 rigs. The decline over the past 12 months included a loss of 63 oil rigs but an increase of 19 gas rigs. The number of miscellaneous rigs increased by 5 and the offshore rig count remained at 15.
Texas leads all states with 238 rigs but experienced a decline of 6 rigs over the past week. New Mexico has the second most rigs with 100 following a gain of 4, reported Baker Hughes. Louisiana is ranked number four with 39 rigs after a gain of one.
North Dakota’s total grew by one to reach 28 rigs while Ohio remained at 13 rigs. The Red Top Rig Report published by the Independent Oil and Gas Association indicated the rig count in Kansas was unchanged at 15. Colorado stayed at 14 and Pennsylvania continued with a count of 17 oil and gas rigs.
Utah’s count grew by two and reached a total of 13 while West Virginia was unchanged at 7 rigs and Wyoming added one for a count of 3 rigs.