Total U.S. rig count down by 12 rigs this week
The total number of rigs in the United States continues to fall as the oil price recovery remains insufficient to drill new wells. The U.S. rig count fell by 12 this week to 464, according to Baker Hughes, which released its weekly data a day early ahead of the Easter holiday.
The number of oil-oriented rigs operating in the U.S. fell this week after making a gain of one rig in the week ended March 18, 2016. The total number of oil rigs came to 372 this week, down 15 from last week.
The number of rigs targeting gas increased for the first time in March after dipping below 90 last week. According to the data from Baker Hughes, the total number of gas-oriented rigs increased by three this week to 92 active rigs.
The Permian and Cana Woodford saw the steepest declines this week, losing five and three rigs, respectively. The only basin to report additional rigs this week was the Barnett, which added two rigs, bringing the total number of active rigs in the paly to six.
The Canadian rig count continued to fall as well, with Canadian drillers shedding 14 rigs over the last week. The total number of active rigs in Canada now stands at 55.
