Rig Count Makes ‘Free Fall” in U.S. while Oklahoma Slips by 3 more

freefallOK Energy Today – The oil and gas rig counts seem to be in a weekly free fall as energy prices struggle to stay either in the upper 20-dollar range or the low 30s as figures from Baker Hughes showed a U.S. loss of 27 more rigs while Oklahoma’s loss totaled three in the past week.

Oklahoma’s count fell to 73, compared to the 155 operational rigs one year ago. The U.S. count plunged to 514 while one year ago, there were 1,310 oil and gas rigs still in operation across the nation. The loss in the past week includes 26 more oil rigs and one gas rig, bringing the oil count to 413 and the number of gas rigs at 101. That means the loss for the past year has been 796 including 606 oil rigs and 188 gas rigs. The U.S. offshore rig count remains at 25 but down 29 in the past year. In Canada, the rig count dropped 16 in the past week, reaching a new level of 206. But the drop in the past year in Canada totaled 154 from the count of 360 one year ago.

The various oil plays include a loss of two more rigs in the Mississippian Lime play in Oklahoma and Kansas. Only 8 rigs are working the play this week compared to the 48 a year ago. The Granite Wash covering western Oklahoma and the Panhandle of Texas added two rigs, reaching a total of 10. The total for the Ardmore and Arkoma Woodfords in the state is 7 compared to eleven last year at this time. The Permian Basin in west Texas and southeastern New Mexico dropped 7 to reach 165. The Eagle Ford in South Texas is down four more rigs to reach 54. Last year, there were 160 rigs in the Eagle Ford.

Colorado is down one more rig to reach 19. Kansas dropped another to reach 7. Louisiana is down two more to hit 45. New Mexico’s count dropped by one and 21 rigs are still in operation compared to the 72 a year ago. North Dakota dropped by three to reach 36. Last year at this time, North Dakota had 119 rigs in operation.

The count in Texas is down 12 over the past week, reaching a new level of 236 compared to the count of 576 a year ago.

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