Rig count dips as 10 oil rigs pulled from service last week

BHGE news
Drew Troyer, an operator for Baker Hughes Inc., conducts a wireline survey on a Chesapeake Energy Corp. natural gas rig in the North Texas Barnett Shale bed rock deposit near Burleson, Texas, U.S.

The total number of oil and gas rigs in the U.S. fell by nine last week, data from Baker Hughes, an oilfield services company, reported.

The nation’s producers pulled 10 oil rigs from service and added one gas rig. Texas, which has the most oil and gas rigs of any state and nearly half the nation’s total, had 503 oil and gas rigs last week, down by five this week but up by 20 from a year ago.

West Texas’ Permian basin, the massive shale field that has driven the U.S.’s oil production boom, lost seven rigs last week, bringing its total oil rigs to 466.

The U.S. overall rig count was 1,038 last week, up 57 from a year ago.

For the week ended Feb. 22, the rig count dipped by four.

Pipeline shortages in West Texas have caused many companies to drill wells but leave them incomplete until more pipeline capacity comes online.

Even so, U.S. shale companies plan to continue producing more oil and gas as the nation keeps breaking production records. U.S. oil production recently surged to just over 12 million barrels per day.

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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