Oil rigs

January 26, 2016
Oil rigs by jonone

Over thirty oil drilling rigs idling in a Helmerich & Payne, Inc. yard along Groening Street in Odessa, Texas, in the Permian Basin on May 18, 2015. (Courtney Sacco/Odessa American via AP)The number of active oil rigs in the U.S. resumed its steep decline this week, falling by 10, oil field services company Baker Hughes said Friday.

The total number of oil rigs still operating now stands at a five-year low of 564, less than half the 2014 high of 1, 609 just over a year ago. The number of natural gas rigs stayed the same this week at 193.

The rig count has fallen for nine of the last 10 weeks

For most of 2015, Texas oil fields have led the pullback in rigs. But on Friday, Baker Hughes data showed that Texas gained three rigs in the last week, with losses coming in three other states. Wyoming and Colorado each shut down three rigs, and Oklahoma shut down four.

Texas’ biggest oil and gas field, the Permian Basin in West Texas, idled five rigs last week, but gains elsewhere made up for that loss statewide. The oil rig count for the Permian stood at 219 Friday, Baker Hughes said.

Source: fuelfix.com
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