US rig count drops 5 this week to latest low of 415

(AP)

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. dropped by five this week to 415, another all-time low amid depressed energy prices.

A year ago, 894 rigs were active.

Houston oilfield services company Baker Hughes Inc. said Friday that 338 rigs sought oil and 86 explored for natural gas. One was listed as miscellaneous.

Among major oil- and gas-producing states, Oklahoma declined by three rigs, Louisiana was down two and Alaska, Colorado, North Dakota and Ohio each fell by one.

Texas gained three rigs and Utah one.

Arkansas, California, Kansas, New Mexico, Pennsylvania, West Virginia and Wyoming were all unchanged.

The U.S. rig count peaked at 4,530 in 1981. The previous low of 488 set in 1999 was eclipsed March 11, and has continued to slide.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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