Friday, January 30, 2015

Here Comes the Oil Drilling Crash: U.S.Rig Count at Lowest Point in More Than 5 Years

It's getting ugly in the oil patch.

The total number of rigs drilling for oil in the U.S. came in at 1,223 for the week ending Jan. 30, compared with 1,317 in the prior week and 1,422 a year ago. Including 320 other rigs mostly drilling for natural gas there are a total of 1,543 working rigs in the U.S., down 90 week-over-week, and down 242 year-over-year, according to from Baker Hughes North American Rotary Rig Count.

The number of rigs drilling for oil fell by 199 year-over-year and by 94 week-over-week. The natural gas rig count declined by 3 to 319 week-over-week and by 39 year-over-year.

The two states losing the most rigs were Texas (down 58) and Oklahoma (down 10). North Dakota and Wyoming each lost 4 and Ohio lost 3. California and Pennsylvania were the only states to add to rig counts during the week, and each added just 1.

The state of North Dakota’s legislative council said on Thursday that it had lowered its forecast for oil and gas tax revenues from a total of $8.3 billion to $4.3 billion for the two-year budget cycle beginning in June of this year.


(via 24/7 Wall Street)

1 comment:

  1. Ice roads are opening next week here in Alaska, rig counts should go up some here at least. The big one being Nabors huge 27E rig going to Pt.Thomson for Exxon.