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US oil and natural gas rig count drops by 22 to 932

Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 22 this week to 932 amid depressed oil prices.

Houston-based Baker Hughes said Friday 703 rigs were seeking oil and 225 explored for natural gas. Four were listed as miscellaneous. A year ago, 1,861 rigs were active.

Among major oil- and gas-producing states, Texas lost 19 rigs; North Dakota lost five; Oklahoma was down three; and Alaska, New Mexico and West Virginia each lost one.

Louisiana gained two rigs, while Arkansas, California, Colorado, Kansas and Pennsylvania each gained one. Ohio, Utah and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.

In related news, Baker Hughes expects falling rig count to weigh on 2nd qtr.

This article was written by The Associated Press from The Associated Press and was legally licensed through the NewsCred publisher network.

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