US rig count decreases by 29 to 1,506

The number of rigs actively exploring for oil and natural gas in the U.S. decreased by 29 the week ending June 4 to 1,506.

Houston-based Baker Hughes Inc. said 947 rigs were exploring for natural gas and 545 for oil. Fourteen were listed as miscellaneous. A year ago this week, the rig count stood at 887. Of the major oil- and gas-producing states, North Dakota gained eight rigs, West Virginia gained three and California gained one. Louisiana lost 22 rigs, Texas lost 10, Wyoming lost four, Oklahoma lost three and Alaska and Colorado each lost two. Arkansas, New Mexico and Pennsylvania were unchanged.

The rig count tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted a record low of 488 in 1999.

—The Associated Press