Oklahoma drops 8; U.S. oil rig count falls by most in week since May 2016 U.S. energy companies cut eight oil rigs this week, the biggest reduction since May 2016, extending a drilling decline that started over the summer when prices slipped below $50 a barrel.
Oil Rig Count: The US crude oil rig count fell by 8 falling to 729 for the week. There are 279 more rigs targeting oil than last year. Rigs drilling for oil represent 81.1 percent of all drilling activity.
Natural Gas Rig Count: The natural gas rig count – which plunged to its lowest last August – fell 3 to 169. The number of rigs drilling for gas is 52 higher than last year’s level of 117.
Among major oil- and gas-producing states, Colorado and Texas each gained four rigs last week, while Alaska added two new rigs. Oklahoma lost eight rigs, Louisiana lost four rigs, and New Mexico and North Dakota each had two fewer rigs. Utah also lost a rig in the week.
The most active counties in Oklahoma with double-digit rigs running are Grady (23), Canadian (17), Blaine (15), Kingfisher (15), and Dewey (10).
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
Compiled and Published by GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.