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Oil Rig in Texas with sunset in the background

US rig count continues to fall

USA

HOUSTON, March 2, 2015 – The number of rigs operating in the US declined by 43 units to 1,267 for the week ending February 27, according to Baker Hughes.

The total of 1,267 is the lowest number of operational rigs in the country since January 15, 2010, and 502 fewer units compared with this week in 2013.

 

The number of rigs in the US has now fallen for 13 consecutive weeks. During this period 653 units were lost, the Oil & Gas Journal online reported.

Between February 20-27, oil rigs fell by 33 units to 986 and gas rigs dropped by 9 units to 280. This was the first time since June 17, 2011, that oil rigs had dipped below 1,000.

During the same period, offshore rigs in the country fell by 3 units to 51 and onshore rigs by 42 units to 1,208.

Rigs conducting horizontal drilling fell to the lowest since November 19, 2010, reaching 946 units.

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