HOUSTON (AP) -- Oilfield services company Baker Hughes (BHI +0.00%) says the number of rigs actively exploring for oil and natural gas in the U.S. dropped by five this week to 1,759.
The Houston-based company said in its weekly report Friday that 1,330 rigs were actively exploring for oil and 425 for gas. Four were listed as miscellaneous. A year ago, Baker Hughes counted 1,989 working rigs.
Of the major oil- and gas-producing states Louisiana gained five rigs, Pennsylvania rose by two, and Colorado increased by one. New Mexico lost three rigs, North Dakota and Texas each decreased by two, and Alaska, West Virginia, and Wyoming dropped one each. Arkansas, California, and Oklahoma remained unchanged.
The rig count peaked at 4.530 in 1981 and bottomed at 488 in 1999.
