U.S. Drops to 1,826 Rigs Exploring for Oil, Gas

HOUSTON (AP) --€” The number of rigs actively exploring for oil and natural gas in the U.S. dropped this week by 13 to 1,826.

Texas-based oilfield services company Baker Hughes (NYSE: BHI  ) reported Friday that 1,408 rigs were exploring for oil and 416 were searching for gas. Two were listed as miscellaneous. A year ago, Baker Hughes listed 2,021 rigs.

Of the major oil- and gas-producing states, Texas dropped seven rigs and New Mexico fell by 5. Alaska and Oklahoma lost three apiece, and West Virginia was down by two.

Louisiana (four) and North Dakota (one) were the only states to gain rigs.

Arkansas, California, Colorado, Pennsylvania and Wyoming were unchanged.

The rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2079815, ~/Articles/ArticleHandler.aspx, 8/28/2014 3:30:24 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement