Falling Energy Prices Take Big Toll on Nation’s Rig Count

okenergyOK Energy Today – A stunning and dramatic loss of 34 oil and gas rigs was reported nationally in the past week according to Baker Hughes Company of Houston, Texas, the firm that monitors rig activity across the U.S. It reflects the tumbling oil and gas prices and their impact on the industry.

The U.S. count fell to 664 while Oklahoma’s count slipped by four to reach 83. Across the nation, the loss included 20 more oil rigs and 14 more gas rigs, leaving 516 active oil rigs and 148 active gas rigs. The nation’s loss over the past year, as of late last week was 1,086, down from 1,750 a year ago. Over the past year, the nation has lost 905 oil rigs and 181 gas rigs.

Of the states normally reported around Oklahoma, none managed to add any rigs. Oklahoma’s count slipped to 83, a loss of four. A year ago, the state had 206 active rigs. Colorado fell by two to 22. New Mexico dropped four to reach 34. Kansas is down one to reach a total of eleven. North Dakota dropped four to reach 49 compared to the 162 rigs a year ago. Texas fell by 13 to reach 308. A year ago, Texas had 810 active rigs.

Of the various oil plays, the Granite Wash in Western Oklahoma and the Texas Panhandle reached 12, a decline of three in the past week. The Woodfords in Oklahoma reached eleven, a drop of one compared to a year ago. The Mississippian in northern Oklahoma and southern Kansas is down to eleven, a decline of one compared to the 69 rigs drilling in the play last year at this time. The Eagle Ford in south Texas dropped five in the past week to reach 71. Last year, there were 197 rigs in the Eagle Ford.

The Perimian Basin in west Texas and southeast New Mexico fell by 8 to reach 209 compared to the 502 in the play last year.

Canada shot up 83 rigs to reach 166 in the past week, including 59 more oil rigs and 24 more gas rigs. However, the country is still down 200 from a year ago.

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