Newspaper article THE JOURNAL RECORD

State Rig Count Drops 10; U.S. Tally Inches Higher

Newspaper article THE JOURNAL RECORD

State Rig Count Drops 10; U.S. Tally Inches Higher

Article excerpt

Oklahoma's rig count for the week ended Friday dropped 10 to 101 - - the second consecutive loss since reaching 120 the week ended July 3.

Meanwhile, the U.S. rig count increased two to 790.

The nationwide rig count was up 9.9 percent from 719 at the same time last year.

For the week ended Friday, the Canadian rig count dropped 1 to 298 -- the first decrease seen this month.

The rig count is the widely watched index of domestic drilling and represents the number of rigs actively exploring for -- not producing -- oil and natural gas.

Baker Hughes has kept track of the count since 1940.

Active offshore rigs for the week ended Friday rose two to 108. The count was five rigs above last year's level at the same time.

Gas rigs working for the week decreased three to 490. The total is still up 99 rigs, or 25 percent, compared with the same week in 1995. …

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