Total U.S. Oil, Natural Gas Rig Count Falls 14 to 1,709, Baker Hughes Says
Oil and natural gas rigs operating in the U.S. fell from a 23-month high this week, according to data published by Baker Hughes Inc.
The combined oil and gas rig count declined by 14 to 1,709, the first drop in four weeks. Last week, the figure was at its highest level since Dec. 19, 2008. The rig count rose to a 22- year high in 2008, peaking at 2,031.
Oil and natural gas rigs fell by seven each, with the oil rig count at 756 and the gas total at 941.
Crude for January delivery rose 32 cents, or 0.4 percent, to settle at $88.02 a barrel on the New York Mercantile Exchange. Gas for January delivery gained 1.8 cents, or 0.4 percent, to $4.066 per million British thermal units.
Miscellaneous rigs, which primarily drill for geothermal energy, were unchanged from the week before at 12.
Among major oil- and gas-producing states, the overall rig count declined the most in Wyoming, which dropped by six rigs to 43. Oklahoma and Texas lost four rigs each, and Alaska, California and Colorado fell by one each. The rig count increased in Pennsylvania, Louisiana, New Mexico, North Dakota and West Virginia.
Rigs on land fell by 13, or 0.8 percent, to 1,670. Rigs in inland waters dropped by one to 16.
The rig count for offshore production was unchanged at 23, the same as the Gulf of Mexico count.
Canadian rigs rose by 18, or 3.7 percent, to 500.
To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.
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