U.S. Drillers Pull Rigs for Eleventh Week as Total Count Dips below 500
U.S. drillers pulled eight oil-directed rigs from the field this week as the total rig count dropped below 500 for the first time since April 1999. The rig count has now fallen for 11 straight weeks.
Baker Hughes reported 392 active oil rigs on Friday. This time last year, the Houston-based service company reported 922 rigs seeking oil. However, the prolonged drop in oil prices has forced drillers to slash their operating budgets and curb drilling.
The Permian basin saw six oil rigs idled this week for a new count of 156. Meanwhile, the Williston basin and Eagle Ford lost three rigs and one rig, respectively.
The Cana-Woodford shale bucked the downward trend, reporting five additional oil-directed rigs this week. However, the number of gas-directed rigs in the region dropped from four last week to zero this week.
The number of rigs seeking gas fell to 97, down five from last week, as the total rig count settled at 489, Baker Hughes said.
