U.S. rigs fall below 1,000 for first time since ’09: Baker Hughes

HOUSTON – The U.S. rig count has dropped below 1,000 for the first time since September 2009, according to the latest data from Baker Hughes.

The rig count, which dropped 40 to 988, has fallen for 18 consecutive weeks, dropping nearly 50% from the 1,920 rigs reported by the company on Dec. 5.

According to Baker Hughes, the number of oil-directed rigs fell by 42 this week to 760, the lowest number since December 2010.  

The Permian basin, which stretches across part of West Texas and the southeastern part of New Mexico, accounted for nearly half of the drop. As of Friday, 260 rigs were seeking oil in the basin, a drop of 53% since Dec. 5 and 20 fewer than last week.

The Eagle Ford dropped 14-oil directed rigs this week to 110. While the Williston basin, home of the Bakken shale, lost two oil-directed rigs.  

The Ardmore Woodford basin, however, bucked the trend by reporting an increase in oil-directed rigs for the second consecutive week.

According to Baker Hughes, seven rigs were targeting oil in the basin on April 2, four more than the previous week, and this week the basin added another oil-directed rig.

The number of rigs targeting gas rose three to 225, while the number of miscellaneous rigs dropped by one to three, Baker Hughes said Friday.  

The last time the rig count dropped below 1,000 was on Sept. 11, 2009. Baker Hughes reported 999 rigs turning to the right that week, of which 288 were seeking oil, 699 were seeking gas and twelve were categorized as miscellaneous.

Friday’s rig count represents the lowest number of rigs seeking oil since Dec. 17, 2010. On this date, Baker Hughes reported 756 oil-directed rigs, however, the number of rigs seeking gas, 941, was far higher at that time.