U.S. Rig Count Drops by 1 This Week

HOUSTON (AP) -- Oilfield services company Baker Hughes (NYSE: BHI  ) says the number of rigs actively exploring for oil and natural gas in the U.S. dropped by one for a second consecutive week to settle at 1,761.

The Houston-based company said in its weekly report Friday that 1,323 rigs were exploring for oil and 434 for gas. Four were listed as miscellaneous. A year ago, Baker Hughes counted 1,987 working rigs.

Of the major oil- and gas-producing states, Louisiana gained five rigs, Oklahoma increased by four, Alaska added two, and California, North Dakota, West Virginia, and Wyoming each gained one rig. Meanwhile, Pennsylvania lost six rigs, while Colorado and Texas each dropped two. Arkansas and New Mexico remained unchanged.

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


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