OKLAHOMA CITY - A year ago, there were 107 oil and gas rigs drilling for new energy in Oklahoma. Today, it’s a different story – and not a happy one – as the active rig count has plunged to only 29 statewide.
The rig count has collapsed as a result of the oil price war between Russia and Saudi Arabia and the reduced demand for gasoline due to the global coronavirus pandemic.
Nationally, the rig count dropped by 64 to 664. The number of oil rigs dropped by 62 to 562 while the number of gas rigs fell two to 100. The U.S. rig count is 361 under the 1,025 rigs reported a year ago.
Oklahoma’s count of 29 compares to Texas where there are still 338 rigs, but 30 fewer than a week ago and far below the 499 reported a year ago.
Oklahoma’s Ardmore Woodford formation remained at four rigs while the Arkoma Woodford stayed at one rig. The Granite Wash stayed at three rigs. The Mississippian in Oklahoma and southern Kansas has no active rigs, after declining by one.