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US total rig count steadies after prior 29-rig jump

The combined oil and natural gas rig count in the United States was unchanged during the week ended Feb. 16, holding to the total of 975 reported in the previous week, according to Baker Hughes Inc.'s latest North America Rotary Rig Count.

The total count sits 224 rigs above the corresponding week a year earlier.

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Oil-directed rigs were up seven on the week to a total of 798, which was up 201 from the same week in 2017. Natural gas-directed rigs were down seven on the week to 177 and were up 24 rigs on the year.

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The North American rig count was down seven on the week and is up 211 on the year to a total of 1,293, as Canadian rigs tumbled by seven on the week and were down 13 on the year to a total of 318.

During the week ended Feb. 16, U.S. land rigs were down one at a total of 956, which was up 226 from the corresponding year-ago period. Inland water rigs were also down one on the week and were down two on the year at a total of one. Offshore rigs were up two on the week and steady on the year at a total of 18.

By trajectory, vertical rigs were down five on the week and were unchanged on the year to 65. Directional rigs were down two on the week at 71, which was down one on the year. Horizontal rigs jumped seven on the week at 839, 225 rigs better than the same week in 2017.

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