Newspaper article THE JOURNAL RECORD

Oklahoma Rig Count Falls to 13-Month Low

Newspaper article THE JOURNAL RECORD

Oklahoma Rig Count Falls to 13-Month Low

Article excerpt

Feature Editor Oklahoma's rig count slipped to its lowest level in 13 months last week while the U.S. count also showed a continued decline.

Oklahoma's rig count dropped four to 108, the lowest since 96 was recorded March 16, 1990. That was the third consecutive week the Oklahoma rig count has fallen, from 124 April 5 to 116 April 12 and 112 April 19.

Last week's count was down 3.6 percent from 112 the previous week and 9.2 percent lower than the 119 rigs working the same week a year ago, according to Baker Hughes Inc. of Houston, which has tracked rig counts since 1940.

The U.S. rig count last week dropped 11 to 824. That was 1.3 percent lower than the 835 reported working last week and 103 by count or 11.1 percent fewer than the 927 rigs reported the same week last year.

The rig count reflects the number of working rigs searching for oil and gas, not the number of wells producing oil and gas.

The rig count reached a peak of 4,500 at the height of the oil boom in December 1981 but plunged to a low of 663 after oil prices collapsed in the summer of 1986.

In the Mid-Continent region, which includes Oklahoma, Arco and Amoco led other drillers last week each with eight rigs working, a decline of one for Arco from the previous week, according to Canamera Corp. Drilling Records of Englewood, Colo.

Others on the most active drillers' list were Sonat and Sanguine, six; Anadarko, five; Exxon USA, Anson and Apache, four; Chesapeake Operating and Tex-Con, three.

Six producing states showed increases last week, with Ohio leading by adding three rigs for a weekly count of seven. Others adding rigs were Michigan and Kansas, two; Texas, Mississippi and Montana, one. …

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