The number of rigs drilling for oil and natural gas across the U.S. fell to a 14-month low in the past week as gains elsewhere weren’t enough to offset the latest losses in Texas and Oklahoma.
In its weekly report Friday, Baker Hughes said the combined U.S. tally was down one in the past week, to 987 rigs at work. That was the fewest since March 2018, according to the Houston oil field services company.
The number of rigs primarily seeking oil was down three, to 802, also a 14-month low. A year ago, 844 were at work. The number seeking gas was up two to 185, but still down from 200 a year ago.
Texas saw three more rigs shut down in the past week, leaving its tally at 482. A year ago, the Lone Star State was home to 525 rigs at work. Oklahoma lost a pair, to 103. Louisiana added two, making 63 rigs at work there. Pennsylvania lost three, to 40.
Gains were seen in Ohio (up four to 20), Wyoming (up three to 33), and New Mexico (up one to 103).
By major basin, the West Texas-New Mexico Permian Basin saw three rigs shut down, leaving 454 at work in the nation’s most prolific play. The East Texas-Louisiana Haynesville Shale lost two, to 50, and the Panhandle’s Granite Wash lost one, to seven.
Texas now has seen a net loss of more than 50 rigs in the past six months while the overall U.S. count has fallen by about 90 rigs since late last year.
The downward trend reflects the late-2018 oil price collapse.