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US oil, gas rig counts contract to begin August

Reversing gains posted in the previous week, both the U.S. oil and natural gas rig counts decreased during the week ended Aug. 4, according to Baker Hughes Inc's latest North America Rotary Rig Count released Aug. 4.

Oil-directed rigs decreased one on the week but are still up 384 on the year at a total of 765. Natural gas-directed rigs also slid, easing three from the week before but still up 108 rigs from the year prior at a total of 189.

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The combined U.S. rig count was down four from last week to 954, but still 490 rigs above the prior-year level.

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The North American rig count contracted by seven rigs on the week to a total of 1,171, which is 585 above the total reported during the same week in 2016. Canadian rigs were down three to a total of 217, which is up 95 from the same week in 2016.

U.S. land rigs increased three on the week at a total of 934 and were up 491 from the corresponding year-ago period. Inland water rigs were steady on the week and down one on the year at a total of three. Offshore rigs fell seven to a total of 17 and were flat to the same week in 2016.

By trajectory, vertical rigs added two to a total of 73 and are up 15 from the year prior. Directional rigs were down three to a total of 74, which is up 30 from the same week in 2016. Horizontal rigs also fell three on the week at 807, which was up 445 from the same week in 2016.

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