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Tag Archives: oil rigs

Gas, oil rigs down as Texas takes hit

Texas down 10 in weekly rig count

The number of active rigs searching for oil and gas in the United States dropped down 14 from last week for a total of 650 rigs. Texas saw the steepest decline, as seven rigs shut down, according to oilfield service company Baker Hughes. Just one oil rig shut down as crude oil prices continue to slump. The total number of ...

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US oil and natural gas rig count drops by 6 to 888

HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by six this week to 888. Houston-based Baker Hughes said Friday that 660 rigs were seeking oil and 223 explored for natural gas. Five were listed as miscellaneous. A year ago, 1,861 rigs were active. Among major ...

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North Dakota oil production up 12,500 barrels daily in March

BISMARCK, N.D. — North Dakota oil drillers produced an average of about 1.19 million barrels of oil a day in March. The Department of Mineral Resources says the March production was up about 12,500 barrels a day from February’s average. Western North Dakota’s oil patch had a record 12,430 producing wells in March, up from 12,199 in February. The state ...

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Permian producers see growth

pumpjack

Two of the biggest independent oil companies focused on the Permian Basin say they might start adding drilling rigs in the coming months, spurred by a rise in oil prices and confidence the downturn has passed its bottom. EOG Resources reported plans Tuesday to start adding drilling rigs once oil stabilizes at $65 per barrel. Pioneer Natural Resources on Wednesday ...

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Advanced drillships become burden for owners as business dries up

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June, many have become a burden on their owners as drilling activity slows. Drillship operators face a more brutal hit to margins than they ...

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Colorado: What happened to our rigs?

Colorado isn’t using half of its oil rigs anymore, The Denver Post reports. According to the article, data analysis firm IHS released a report indicating that half of the state’s rigs have fallen out of use since October. Despite the mounting number of idle rigs in the state, the IHS forecast only a 26 percent drop—comparable to slumps shale plays ...

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Oil and gas sector tarnishes strong U.S. jobs report

NEW YORK – The U.S. oil and gas sector bled away more jobs last month as sustained low oil prices forced energy producers to reduce spending, suggesting that further pain may be ahead for the struggling industry. A roughly 50 percent drop in oil prices since June has pummeled the U.S. oil sector, prompting a quick drop in activity. The ...

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