The active US oil rig count fell by double digits again this week as investors continue to push operators to live within their means at the cost of growth, according to the latest tally from oilfield services firm Baker Hughes.
Drillers dropped 14 oil rigs this week for 719 total. That is 147 lower than in the same period one year ago, according to the data.
Meanwhile, the number of rigs chasing gas fell by five to 148, compared to 186 one year ago.
Click here to read the rig count summary.
Oklahoma took the biggest hit this week, shedding 10 rigs for 66 total. The state is home to the Anadarko basin, which has seen a steady decline in activity in recent months. The basin is expected to see production declines of 9000 barrels per day of oil and 96 million cubic feet per day of natural gas in October, according to a recent report from the Energy Information Administration.
Texas, the top oil and gas producing state, dropped seven rigs for 423. There were 531 rigs working in Texas in the same week last year. The state is home to the Eagle Ford shale, which shed three rigs this week, and the prolific Permian basin, which lost two rigs.
The offshore rig count fell by one to 25.
The Canadian rig count fell by 15 to 119.
