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US rig count drops 14 this week to 450, another all-time low

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. dropped 14 this week to 450, another all-time low amid continuing energy industry price woes.

A year ago, 1,028 rigs were active.

Houston oilfield services company Baker Hughes Inc. said Friday 362 rigs sought oil and 88 explored for natural gas.

Among major oil- and gas-producing states, Texas lost five rigs and Oklahoma four. California, North Dakota and Oklahoma each dropped two while Alaska, Kansas and Pennsylvania declined by one apiece.

New Mexico gained two rigs and Utah was up one.

Arkansas, Colorado, Ohio, West Virginia and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981. The previous low of 488 set in 1999 was eclipsed March 11, and has continued to dip.

In related news, Stacked rigs and their impact on oil prices.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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