Newspaper article THE JOURNAL RECORD

State's Drilling Rig Count Declines by 4

Newspaper article THE JOURNAL RECORD

State's Drilling Rig Count Declines by 4

Article excerpt

HOUSTON - The number of active oil and gas drilling rigs in Oklahoma fell by four to 245 during the week ended Dec. 6, according to figures released Monday by Hughes Tool Co.

The week's figure is 1.6 percent below the previous week. The total for the week is also 24.8 percent under the 326 rigs working during the week a year ago and 30.9 percent down from 355 in 1983.

Higher rigcounts are traditionally reported during December as operators attempt to take advantage of certain tax incentives for drilling before the calendar year ends. However, this year uncertainities about proposed tax changes, prices and the economics of the oil and gas business appear to have depressed the year-end surge.

In fact, T. Boone Pickens Jr., chairman of Amarillo-based Mesa Petroleum Co., predicted last week that the national count could fall to near 1,500 by the summer of 1986 and a count as high as of 1,800 next December would be surprising. …

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