Baker Hughes: With 5 unit drop, US rig count down 700 rigs Y-o-Y

July 10, 2020
The overall US rig count dropped to 258 units for the week ended July 10, down 5 units from last week, according to Baker Hughes data.

The overall US rig count dropped to 258 units for the week ended July 10, down 5 units from last week, according to Baker Hughes data.

Rigs drilling for oil were down 4 units to 181 compared with last week, while those rigs targeting natural gas fell by 1 to hit 75 rigs running.

The US rig count is down 700 rigs from last year’s count of 958, with oil rigs down 603 and gas rigs down 97.

The US offshore rig count was unchanged from last week at 12. This count is down 14 year-over-year. On land, the count dropped 5 to 246 units this week.

Among the major oil and gas-producing states, New Mexico saw the only increase in rigs. With a single-unit gain, the state saw 49 rigs working this week 

The rig count in Texas fell by 5 units to reach 107 this week. West Virginia dropped a single rig to hit 5 rigs running.

Ten states were unchanged this week: Louisiana, 31; Pennsylvania, 22; North Dakota, 10; Oklahoma, 10; Ohio, 8; Colorado, 5; California, 4; Alaska, 3; Wyoming, 1; and Utah, 0.

In Canada, the overall rig count increased 8 units this week to 26. Rigs drilling for oil were unchanged at 6 and those targeting gas rose 8 units to 20. The total count is down 91 units from this time a year ago when 117 rigs were working.