From staff reports Just as crude oil prices in the U.S. dropped below $60 a barrel on Friday, the number of oil and gas rigs in the nation also dropped, according to the Oct. 10 rig count from Baker Hughes Co.
The release showed a decline of two rigs nationally, reaching a total of 547. The fall included a loss of four oil rigs to 418 w hile the number of gas rigs increased by two to 120. The number of miscellaneous rigs was unchanged at nine.
Oklahoma’s count fell by three to 40 rigs, which is one less from the count of 41 a year ago.
Compared to a year ago, the national rig count remained 39 less than the 586 rigs. The decline over the past 12 mon ths included a loss of 63 oil rigs b ut an increase of 19 gas rigs. The number of miscellaneous rigs increased by five and the offshore rig count remained at 15.
Texas leads all states with 238 rigs but experienced a decline of six rigs over the past week. New Mexico has the second most rigs with 100 following a gain of four, reported Baker Hughes. Louisiana is ranked number four with 39 rigs after a g ain of one.
North Dakota’s total grew by one to reach 28 rigs while Ohio remained at 13 rigs. The Red Top Rig Report, published by the Independent Oil and Gas Association, indicated the rig count in Kansas was unchanged at 15. Colorado stayed at 14 and Pennsylvania continued with a count of 17 oil and gas rigs.
Utah’s count grew by two and reached a total of 13 while West Virginia was unchanged at seven rigs and Wyoming added one for a count of three rigs.