US rig count continues to tumble, falls 43 units to 1,267

Posted on February 28, 2015

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Oil pump east Eagle Ford

From Oil&Gas Journal

The US drilling rig count declined 43 units—down from losses of 48 last week and 98 the previous week—to settle at 1,267 rigs working during the week ended Feb. 27, according to data from Baker Hughes Inc.

That total is the lowest since Jan. 15, 2010, and 502 fewer units compared with this week a year ago. The count has now fallen in 13 consecutive weeks, losing 653 units during that time (OGJ Online, Dec. 5, 2014).

During the week, land rigs fell 42 units to 1,208 while offshore rigs fell 3 units to 51. Rigs drilling in inland waters gained 2 units to total 8.

Oils rigs dropped 33 units to 986, dipping to fewer than 1,000 for the first time since June 17, 2011. Gas rigs dropped 9 units to 280. Rigs considered unclassified were halved to 1 unit operating.

Rigs engaged in horizontal drilling fell 33 units to 946, the lowest total since Nov. 19, 2010. Since Nov. 21, 2014, 426 units have gone offline. Rigs drilling directionally, meanwhile, merely edged down a unit to 127.

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