October 28, 2019 Comments Off on Rig Counts Tumble in Face of Low Oil Prices Views: 240 Texas - Other, Texas News

Rig Counts Tumble in Face of Low Oil Prices

According to a Baker Hughes weekly report, the number of U.S. rigs drilling for oil and natural gas was down by 21. The count represented the largest single-week loss since April 2019, and the ninth weekly loss over the past 10 weeks. The decline, due to low oil prices, meant the nation’s total number of rigs stood at 830, 238 fewer than the same week, a year ago.

In Texas, the total rigs at work was at 418, down by five from the week before, and well below the 536 total rigs operative during the same week in 2018. Permian Basin rigs dropped by five, week over week (from 422 to 417) and were down from 489 from the year before. Meanwhile, the Eagle Ford basin experienced a slight uptick in rigs, up by three to 63 from the week before, but down from 79 during the same week last year.

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