The U.S. rig count continued its sharp drop in the wake of the coronavirus pandemic and low commodity prices, Kallanish Energy reports.
It dropped by 73 in the last week in the newest count by Baker Hughes, the Texas-based well services company.
The Baker Hughes count is considered a good indicator of future oil and gas wells that are being drilled and completed.
The U.S. rig count dipped to 529. There were 1,012 rigs at work a year ago.
The rig count had dropped by 62 in the April 7 count.
The new total includes 438 oil rigs, 89 natural gas rigs and two miscellaneous rigs.
The oil rig count is down by 66 from a week earlier and the gas rig total is down seven from April 7. The miscellaneous count is unchanged.
The Canadian rig count dropped by five in the last week to 30 rigs. A year ago, Canada has 66 rigs at work.
The latest count included seven oil rigs working and 23 natural gas rigs in Canada.
Count by Basin
|Eagle Ford Shame||42||-9|
Count by State
This post appeared first on Kallanish Energy News.