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Business

U.S. Oil Rig Count Drops 14 this Week to 450, Another All-time Low

The previous low of 488 set in 1999 was eclipsed March 11, and has continued to dip

File photo of dormant oil drilling rigs which have been stacked in Dickinson North Dakota, photo: Reuters/Andrew Cullen, File
2 years ago

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. dropped 14 this week to 450, another all-time low amid continuing energy industry price woes.

A year ago, 1,028 rigs were active.

Houston oilfield services company Baker Hughes Inc. said Friday 362 rigs sought oil and 88 explored for natural gas.

Among major oil- and gas-producing states, Texas lost five rigs and Oklahoma four. California, North Dakota and Oklahoma each dropped two while Alaska, Kansas and Pennsylvania declined by one apiece.

New Mexico gained two rigs and Utah was up one.

Arkansas, Colorado, Ohio, West Virginia and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981. The previous low of 488 set in 1999 was eclipsed March 11, and has continued to dip.

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