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Rig Counts Continue to Freefall

by Elizabeth Alford on February 13, 2016

Oil and gas producers in the United States pulled another 28 rigs from production this week, providing another marker that the industry is still a long way off from recovery.

Related: January Oil and Gas Off to a Sluggish Start

In their weekly rig report, Baker Hughes reported that there 541 rigs across the country by midday Friday. This is the eighth week in a row that producers pulled rigs back from the oil fields in a desperate attempt to cut costs and marks a  39% drop in rigs over the past six months.

439 of the rigs are targeting oil and 102 natural gas and 25 are rigs running offshore.

Most states saw losses with Texas down the most, ending the week with 248 (14 less than one week ago). Rig counts in Alaska, Arkansas, Ohio, Utah and West Virginia held steady from the previous week.

2016-02-16_0644

Horizontal drilling continues to dominate the oil and gas activity as seen below.

  • Directional:  49
  • Horizontal: 433
  • Vertical: 59

Read more at BakerHughes.com

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