US rig count dips below 500

Alaska: Only state to gain in this week's rig count

The number of rigs working in the US dropped below 500 this week, according to the weekly tally maintained by services giant Baker Hughes.

The total number of rigs working in the US now stands at 489, a decrease of 703 from the same time last year.

The number of oil-directed rigs dropped by eight to 392. That is off by 530 from a year ago.

The number of gas-directed rigs, meanwhile, fell by five for a total of 97, a drop of 171 from last year.

Texas saw the biggest loss and shed four rigs for 227. The state's Permian basin lost six rigs for 158, while its Eagle Ford lost 46.

New Mexico, which is home to the western part of the Permian, lost one unit for 17.

The Haynesville shale of Texas and Louisiana, meanwhile gained a unit.

Oklahoma lost three rigs for a total of 70. The state dropped a rig in the Mississippi Lime play, but added one in the Cana Woodford.

The Granite Wash play, which straddles Oklahoma and Texas, also gained a rig.

North Dakota's Williston basin also lost three rigs for a total of 33.

Colorado shed two rigs for 17. The DJ-Niobrara basin, which the state shares with neighbouring Wyoming, dropped a single rig.

Louisiana and West Virginia each lost one rig as well.

The only state to gain this week was Alaska, which added a single rig for a total of 12.

Canada also saw its rig count decline this week. The nation dropped 46 rigs for a total of 129.

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