Newspaper article THE JOURNAL RECORD

U.S. Rig Count Drops 4.4%; State Sees Marginal Decline

Newspaper article THE JOURNAL RECORD

U.S. Rig Count Drops 4.4%; State Sees Marginal Decline

Article excerpt

The national rig count fell 4.4 percent to 737 for the week ending Friday. Oklahoma saw only a marginal drop in active drilling rigs.

The U.S. rig count fell by 34 last week following a three week climb to 771, as reported by the International Association of Drilling Contractors in Houston.

Compared to a year ago, last week's national rig count was down 13.5 percent from 892 for the week ending May 23, 1988.

Oklahoma's rig count for the week ending Friday slipped 0.84 percent to 118 from 119, marking a four-week decline. Yet, last week's statewide drilling activity was a 1.7 percent increase over 116 rigs reported during the same period last year.

Likewise, of 17 major oil producing states, 10 showed reduced drilling activity last week with Texas losing the most rigs - 23. Four of those states' rig counts were unchanged, and three marked increases. …

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