BHI: US rig count plunges 74 units, hits lowest total since October 2010

The US drilling rig count plunged 74 units—all on land—to settle at 1,676 rigs working during the week ended Jan. 16, Baker Hughes Inc. reported. That’s the lowest total since the Oct. 29, 2010, rig count, which totaled 1,672.

The US drilling rig count plunged 74 units—all on land—to settle at 1,676 rigs working during the week ended Jan. 16, Baker Hughes Inc. reported. That’s the lowest total since the Oct. 29, 2010, rig count, which totaled 1,672.

The count has now fallen in 7 consecutive weeks, during which time it has lost 244 units (OGJ Online, Dec. 5, 2014). The US has 101 fewer rigs compared with this week a year ago.

Land rigs have plummeted 134 units in the last 2 weeks to settle at a total of 1,610. Unchanged from a week ago were offshore rigs at 54 and rigs drilling in inland waters at 12.

Oils rigs this week dropped 55 units to 1,366. Gas rigs dropped 19 units to 310.

Horizontal drilling rigs plunged 48 units to 1,253. Directional drilling rigs dropped 8 units to 153.

Canada offset the loss with a 74-unit gain to 440. It has added 232 units in the last 2 weeks. Most of this week’s gain came by way of oil rigs, which jumped 53 units to 234. Gas rigs gained 21 units to 206. Canada still has 125 fewer rigs compared with this week a year ago.

Major states, basins

The bulk of the losses in the major oil- and gas-producing states came in Texas, where its count fell 44 units to 766, reflected by a 15-unit loss in the Permian to 487 and a 12-unit loss in the Eagle Ford to 185. The state’s total is the lowest since the Mar. 25, 2011, rig count.

North Dakota, like last week, reported the second-most losses, giving up 6 units to 156. The Williston also lost 6 units and now totals 165.

Oklahoma dropped 5 units to 201. Wyoming and California each dropped 4 units to 47 and 18, respectively. New Mexico dropped 3 units to 92. West Virginia, Kansas, and Arkansas each dropped 2 units to 26, 24, and 11. Louisiana, Colorado, and Utah each edged down 1 unit to 107, 64, and 17, respectively.

Unchanged from a week ago were Pennsylvania at 51 and Alaska at 11.

Ohio was the only state to report a gain, edging up 1 unit for the second consecutive week. It now totals 48.

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