Oil Rigs Jump in 20th Consecutive Weekly Count Gainby Will Brackett
The number of drilling rigs exploring for crude oil jumped, fueling the 20th consecutive weekly gain for the U.S. rig count, oilfield services firm Baker Hughes reported on June 2. Overall, the U.S. rig count rose by 8 rigs to a total of 916, more than double the 408 rigs active a year ago.
The weekly increase was entirely thanks to rigs exploring for oil, which rose by 11, while the number of rigs exploring for natural gas dropped by 3. The breakdown now stands at 733 rig exploring for oil and 182 exploring for gas, compared to 325 and 82 rigs, respectively, a year ago.
Among U.S. states, Texas and Oklahoma led the charge. Texas rose by 5 to 463, while neighboring Oklahoma gained 3 rigs to 126. Pennsylvania, New Mexico, and Louisiana all saw declines during the week.
For basins, the biggest gain was from the collection of areas that Baker Hughes doesn’t specifically identify, with “Other” gaining 6 rigs. Among named basins, the Permian was the only area to gain by more than one, with an increase of 2 rigs. The Marcellus dropped by 2, while the Mississippian declined by 1.