Oil patch slowdown drives double-digit drop in rig count


Driven by declines in the oil patch, the U.S. rig count tumbled 12 units lower to finish at 759 for the week ended Feb. 3, reports Natural Gas Intelligence.

Domestic declines for the week included 10 oil-directed rigs and two natural gas-directed rigs. Land drilling declined by 11 rigs, with the Gulf of Mexico count easing one unit lower to 12, down from 16 in the year-earlier period. The U.S. saw net losses of seven directional rigs and five horizontal rigs, with vertical units unchanged week/week.

The combined 759 active U.S. rigs as of Friday compares with 613 rigs running in the year-ago period, according to Baker Hughes Co. numbers, which are based partly on data from Enverus. Read the entire story.