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U.S. Rig Count Up by Six This Week

U.S. Rig Count Up by Six This Week

Write: Durjaya [2011-09-24]
The number of operating oil and natural gas rigs in the United States increased by six to 1,991 this week, according to a weekly report released in Houston on Friday.

A total of 1,071 rigs were exploring for oil and 912 for natural gas in the U.S., with another eight rigs listed as miscellaneous, according to the report released by Houston-based oil service company Baker Hughes Inc.

The rig count stood at 1,650 a year ago.

Of the major oil- and gas-producing states, Texas added eight rigs, North Dakota gained six, Colorado gained two and Wyoming gained one.

Louisiana and Pennsylvania lost four rigs respectively, while Alaska, New Mexico and Oklahoma lost one each.

The Baker Hughes rig counts, first issued in 1944, act as an important business barometer for drilling firms and their suppliers to gauge 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.