From Staff Reports
The number of U.S. rigs drilling for oil and natural gas fell by three in the past week. Texas lost two.
In its weekly report Friday, Baker Hughes said all three of the rigs shut down had been seeking oil.
The number of oil-directed rigs now has fallen in 12 of the past 14 weeks for a cumulative loss over that period of 99 rigs. It was the fifth-straight weekly loss.
This week’s decline left the combined count at 803, down 276 from a year ago.
The number of oil rigs at work is 671, down from 885 a year ago. That’s the smallest tally since March 2017, according to Baker Hughes’ data. The number of rigs seeking gas was unchanged from a week earlier, at 129.
Texas lost two rigs, leaving 406 at work. A year ago, 532 were active.
Alaska lost three, leaving five operating. New Mexico, North Dakota and Pennsylvania lost one rig apiece. Louisiana added two, to 56, and Colorado added one, to 24.
By major basin, the West Texas-New Mexico Permian Basin saw three rigs shut down, leaving 405 at work.
Reflecting Louisiana’s gain, the East Texas-Louisiana Haynesville Shale added two, to 53.
Despite declining rig counts, U.S. production was at an all-time high of 12.8 million barrels per day for a second straight week, according to federal data.
U.S. crude futures were trading Friday near a two-month high of nearly $58 per barrel, putting prices on track for a third week of gains on expectations of an extension to production cuts by the Organization of the Petroleum Exporting Countries and its allies.