Rig count plummets by 109

Ray Tyson

Petroleum News Houston correspondent

The number of rotary rigs operating in North America tumbled by 109 to 1,470 rigs during the week ending March 26, according to rig monitor Baker Hughes.

The Canadian rig count alone fell by 131 to 320 compared to the previous week, but still was up by 32 rigs compared to the same weekly period last year.

The United States picked up a net 22 rigs to end the recent week with 1,150 rigs, up by 188 rigs versus the year-ago period. Land rigs alone increased by two during the recent week to 1,046. The number of offshore rigs dropped by three to 90, while inland water rigs fell by three to 14 rigs. Of the total number of rigs operating in the United States during the recent week, 982 were drilling for natural gas and 165 for oil, while three rigs were being used for miscellaneous purposes. Of the total, 758 rigs were drilling vertical wells, 289 directional wells, and 103 horizontal wells, according to Baker Hughes.

Among the leading producing states in the United States, Texas led the pack with a gain of eight rigs for a total of 497 during the recent week. Louisiana’s rig count increased by five to 168, California’s was up by three to 22 rigs, Wyoming’s was up by two to 62 rigs, Alaska’s was up by two to 12 rigs and New Mexico’s was up by one to 66 rigs. Oklahoma’s rig count was unchanged at 152.