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Tag Archives: rig count

North Dakota rigs take a big hit from oil’s steep fall

The number of oil-drilling rigs in North Dakota has fallen to the lowest level in six years, triggering an estimated 3,000-4,000 oil field job losses that could get worse, a top state official said Thursday. “It is becoming painful out there in the oil patch,” Lynn Helms, director of the North Dakota Department of Mineral Resources, said on a monthly ...

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Top 5 Bakken stories of the week

Here are the top five stories from Bakken.com for the week of February 28 through March 6. Enjoy! 5. Lessons for U.S. oil production from the gas industry: Kemp NEW YORK – The United States produced a record 25.7 trillion cubic feet of natural gas in 2014 according to preliminary estimates published by the Energy Information Administration (EIA) on Feb 27. ...

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Oil and gas sector tarnishes strong U.S. jobs report

NEW YORK – The U.S. oil and gas sector bled away more jobs last month as sustained low oil prices forced energy producers to reduce spending, suggesting that further pain may be ahead for the struggling industry. A roughly 50 percent drop in oil prices since June has pummeled the U.S. oil sector, prompting a quick drop in activity. The ...

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Lessons for U.S. oil production from the gas industry: Kemp

John Kemp is a Reuters market analyst. The views expressed are his own. NEW YORK – The United States produced a record 25.7 trillion cubic feet of natural gas in 2014 according to preliminary estimates published by the Energy Information Administration (EIA) on Feb 27. Gas production has risen 27 percent since 2008 even though the number of rigs employed ...

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Rig cuts taper

The Permian Basin lost seven oil and gas drilling rigs in the past week, supporting expectations that the industry’s slowdown in the region is beginning to stabilize. The area had 355 drilling rigs running on Friday, according to the latest count from Baker Hughes. That meant the count stayed relatively flat, after losing just six rigs the week before. The ...

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US rig count decreases 43 to 1,267

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HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 43 this week to 1,267 amid depressed oil prices. The Houston-based company said Friday in its weekly report that 86 rigs were exploring for oil and 280 for gas. One was listed as miscellaneous. A year ...

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