The number of rigs drilling for oil fell by 276 year-over-year and by 83 week-over-week. The natural gas rig count declined by five to 314 week-over-week and by 37 year-over-year.
The two states losing the most rigs were Texas (down 41) and North Dakota (down 11). Colorado lost eight and Oklahoma lost seven. No rigs were added in any state last week.
In the Permian Basin of west Texas, the rig count dropped by 37 to bring the total down to 417; the Eagle Ford Basin in south Texas lost 10 rigs and now has 168 working; and the Williston Basin (Bakken) in North Dakota and Montana has 137 working rigs, down 11 from the prior week.
As of Friday, the posted price for Williston Basin sweet crude had risen from $31.94 a barrel a week ago to $35.44 on Friday, and Williston sour rose from $22.83 to $26.33 a barrel. Eagle Ford Light crude sold for $48.25 a barrel, up from $44.25 on the previous Friday, and the same price as West Texas Intermediate (WTI).
Baker Hughes Inc. (NYSE BHI) also said last week that it will close a plant in Louisiana and chop 60 jobs, a tiny portion of the 7,000 job cuts the company plans for the first quarter of 2015.
ALSO READ: Weatherford Slashes 8,000 Jobs on Low Crude Oil Prices
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
