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U.S. Oil and Gas Drilling Accelerates, Led by Oklahoma, Baker Hughes Says
The total of oil and natural-gas rigs operating in the U.S. rose for an 11th consecutive week to the highest level since the end of 2008, according to data published by Baker Hughes Inc.
The combined rig count gained 11, or 0.7 percent, to 1,651, the highest level since Dec. 26, 2008, Baker Hughes reported on its website. The bulk of the increase came from Oklahoma, making it the third-largest producing state after Texas and Louisiana, based on the number of operating rigs. The U.S. count rose to a 22-year high in 2008, peaking at 2,031.
U.S. oil rigs surged by 19 to 655, the highest level since Dec. 14, 1990. Crude for September delivery fell 97 cents, or 1.3 percent, to expire at $73.46 a barrel on the New York Mercantile Exchange. The more-active October contract lost 95 cents, or 1.3 percent, to $73.82 a barrel.
Oklahoma rigs surged by 16, or 13 percent, to 142, the highest level since January 2009.
Gas rigs decreased by seven to 985. The gas rig count has dropped 39 percent from a peak of 1,606 in September 2008. Gas for September delivery decreased 5.4 cents, or 1.3 percent, to $4.117 per million British thermal units on the Nymex.
Miscellaneous rigs, which primarily drill for geothermal energy, fell by one to 11.
Rigs among major producers increased by one each in Colorado and New Mexico. They fell by four in Texas to 716, more than any other state. Rigs dropped by two to 42 in Wyoming and by one in Pennsylvania to 89.
Rigs on land climbed by eight to 1,616, and rigs in inland waters rose by two to 14. Offshore drilling increased by one to 21 rigs, echoing the gain in the Gulf of Mexico.
Canadian rigs fell by 16, or 4.1 percent, to 379.
To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.
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