Rig count falls by 29

US rigs: count falls by 29

Patterson-UTI

related stories

Luke Johnson

 13 April 2012 17:42 GMT

The number of oil and gas rigs drilling in the US sunk this week, losing 29 for a total of 1979, according to data from Houston-based oilfield services giant Baker Hughes.

The lion’s share of the losses came from a sharp decline in rigs drilling for natural gas, as prices for the fuel touched fresh decade lows and sunk below the psychological barrier or $2 per million British thermal units.

Nymex Henry Hub futures were trading at $1.99 per MMBtu early Friday afternoon.

Rigs drilling for gas fell by 23 for a total of 624 – 261 fewer than a year ago and also a 10-year low.

There were seven fewer rigs drilling for oil this week for a total of 1322.

Louisiana was the big loser, shedding nine rigs for a…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index