In its latest tally, Baker Hughes Inc. said the total U.S. rig count is down to 450, dropping 14 rigs from the week ending March 25.
Data showed the overall number of oil and gas rigs in the U.S. fell for the 15th straight week to the lowest level since at least 1940, Reuters reported.
Oil rigs are down to 362, dropping 10, and natural gas rigs are down to 88, dropping four rigs since last week.
The U.S. rig count was 1,028, down 578 rigs, compared to the same week last year. Since then, oil rigs dropped by 440 and natural gas rigs dropped by 134.
The U.S. offshore rig count is 26, down two from last week, and down five rigs year-over-year.
The Canadian rig count is down by six for a total of 49 rigs, Baker Hughes said in its report. Oil rigs remain unchanged at 11, but gas rigs are at 38, down by six.
A year ago, Canada’s overall rig count was 100. Gas rigs are down by 42 year-over-year, while oil rigs are down by nine.
Energy firms have sharply reduced oil and gas drilling since the sell-off in crude markets began in mid-2014, forcing more than 50 U.S. producers to file for bankruptcy protection since the start of 2015.
Many analysts think the combined oil and gas rig count will rise later this year because there are indications that prices could have bottomed.
Recommended Reading
Exxon Shale Exec Details Plans for Pioneer’s Acreage, 4-mile Laterals
2024-05-03 - Exxon Mobil plans to drill longer, more capital efficient wells in the Midland Basin after a major boost from the $60 billion Pioneer Natural Resources acquisition. Data shows that Exxon is a leading operator drilling 4-mile laterals in the Permian’s Delaware Basin.
Infrastructure Company Savage Acquires Houston’s Texon
2024-05-03 - Texon, a midstream service provider, will continue operations under its legacy brand.
Antero Midstream Buys Summit Midstream Assets in $70M Deal
2024-05-03 - The deal by Antero Midstream strengthens Antero Resources’ gathering and compression in Marcellus Shale.
NSTA Offers 31 More Licenses in Latest Licensing Round
2024-05-03 - The leasing round attracted 115 bids from 76 companies vying for 257 blocks and partial blocks in the U.K. Continental Shelf.
Occidental Explores Sale of Permian Assets Worth Over $1B, Sources Say
2024-05-03 - Occidental Petroleum is exploring a sale of assets in the Barilla Draw region of Texas, which is located within the Delaware portion of the Permian Basin.