Oil and natural gas rigs operating in the United States fell from a 23-month high, from 1723 to 1709, this week, according to a weekly rig count released Friday by Houston-based oil service company Baker Hughes Inc.
Of the total, 941 rigs were exploring for natural gas, down by 7 rigs from last week's 748, and 756 were exploring for oil, compared with last week's 763, with another 12 rigs listed as miscellaneous, according to the release.
A year ago this week, the rig count stood at 1,193.
The Baker Hughes rig counts, issued since 1944, are an important business barometer for the drilling industry and its suppliers. The counts act as an important yardstick for drilling companies in gauging the overall business environment of the oil and gas industry.
The U.S. rig count peaked at 4,530 in 1981 as the result of the oil boom. It plummeted to a record low of 488 in 1999.
Of the total, 941 rigs were exploring for natural gas, down by 7 rigs from last week's 748, and 756 were exploring for oil, compared with last week's 763, with another 12 rigs listed as miscellaneous, according to the release.
A year ago this week, the rig count stood at 1,193.
The Baker Hughes rig counts, issued since 1944, are an important business barometer for the drilling industry and its suppliers. The counts act as an important yardstick for drilling companies in gauging the overall business environment of the oil and gas industry.
The U.S. rig count peaked at 4,530 in 1981 as the result of the oil boom. It plummeted to a record low of 488 in 1999.
