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Oil rig count back up to even 800

Baker Hughes news
Baker Hughes news

Oil-drilling activity ticked up across much of the country this week with multiple rigs added in Texas, Oklahoma and North Dakota.

The total amount of rigs drilling for oil increased by four up to an even 800, while the overall rig count grew by six up to 990, according to data collected by Baker Hughes. The overall rig count, including oil and gas rigs, has sat below 1,000 since April 2015 when oil prices were collapsing.

U.S. oil was selling above $62 a barrel in early afternoon trading in New York.

Oklahoma added four rigs, while North Dakota grew by three and Texas tacked on two more. Alaska, Colorado and Pennsylvania each lost two rigs.

Texas accounts for about 50 percent of all rigs with 492 actively drilling, while West Texas’ booming Permian Basin represents about 55 percent of all oil rigs with 437 in the oil patch.

After the Permian, the next most active area is South Texas’ Eagle Ford shale with 71 rigs, recently surpassing Oklahoma’s Cana Woodford with 64 rigs.

Oklahoma is home to the second-most rigs with 124 active. New Mexico is next with 88 rigs.

The total U.S. rig count is well up from an all-time low of 404 rigs in May 2016.

Despite this week’s jump, the oil rig count is down 50 percent from its peak of 1,609 in October 2014, before oil prices began plummeting.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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