The number of drilling rigs in the United States continued to drop in the latest count by Baker Hughes, the well services company.

There were 374 rigs at work in the U.S. in last Friday’s count, a drop of 34 from May 1, Kallanish Energy reports.

A year ago, there were 988 rigs in the U.S.

It was the eighth straight week of declines in the rig count, in the wake of the coronavirus pandemic and low commodity prices.

The rig count has dipped by 418 in the last eight weeks, the Texas-based company reported.

The Baker Hughes count is considered a good indicator of future oil and gas wells that are being drilled and completed.

Baker Hughes said the number of oil rigs was 292, down 33 from the previous week’s 325, and natural gas rigs dropped by one, sinking to 80 from 81.

A year ago, the U.S. had 805 oil rigs and 183 gas rigs.

The number of rigs in Canada dropped by one from 27 to 26.

The number of gas rigs in Canada declined by one, from 20 to 19.

The number of oil rigs stayed ay seven.

A year ago, Canada had 41 gas rigs and 22 oil rigs at work.

Rigs by Basin

Rigs by State

Source: Baker Hughes

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