Baker Hughes: US rig count drops below 500

The US drilling rig count dropped 64 units to reach 465 rigs working for the week ended Apr. 24, according to Baker Hughes data. The count is down 526 units from the 991 rigs working this time a year ago.
April 24, 2020
2 min read

The US drilling rig count dropped 64 units to reach 465 rigs working for the week ended Apr. 24, according to Baker Hughes data. The count is down 526 units from the 991 rigs working this time a year ago.

The number of rigs drilling on land fell 64 units week-over-week to a total of 448 rigs running. The number of rigs drilling in inland waters remained unchanged at 0 units. The number of rigs drilling offshore remained unchanged at 17 units.

US oil-directed rigs decreased by 60 from last week to 378 units. A year ago, 805 units were drilling for oil. Gas-directed rigs fell by 4 to 85 rigs, 101 fewer than were drilling for gas a year ago.

None of the major oil and gas-producing states saw an increase in rigs week-over-week.

Once again, Texas saw the largest drop in rigs. With 231 rigs running, the count is 31 fewer than last week. New Mexico dropped 14 rigs for the week to reach 70 rigs working.

North Dakota saw a 7-unit drop to reach 27 rigs running. Oklahoma dropped 4 rigs week over week to reach 20 units. Three rigs were dropped in West Virginia and California, leaving 7 and 5 units for the week, respectively.

Louisiana and Colorado were both down a single rig to reach 40 and 15 rigs working for the week, respectively.

Five states remained unchanged this week, namely Pennsylvania, 25; Ohio, 9; Wyoming, 6; Utah, 5; and Alaska, 3.

Canada’s rig count fell by 4 units for the week. With 26 rigs, the count is 37 fewer than the 63 units drilling this week a year ago. Adding a single rig, the oil-directed rig count stands at 8 for the week. Gas-directed rigs in Canada decreased by 5 units to reach 18.

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