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Total US rig count falls below 450 as oil count continues to drop

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Total US rig count falls below 450 as oil count continues to drop

TheU.S. rig count eased seven during the week ended April 8 to a total of 443rigs, an all-time low, according to Baker Hughes Inc.'s latest North America Rotary RigCount released April8. The total U.S. rig count is 545 rigs below the count recorded during thecorresponding week a year ago and remains at the lowest level going back toJuly 1987, when recordkeeping first began.

U.S.oil rigs eased eight to a total of 354 and were 406 rigs below the same week in2015. U.S. natural gas rigs rose one to a total of 89 and were down 136 fromthe corresponding year ago period.

TheNorth American rig count tumbled 15 rigs to a total of 484, which is 603 rigsbelow the same week in 2015. Canadian rigs dropped eight to a total of 41 andwere down 58 from the corresponding week the year before.

Duringthe week ended April 8, U.S. land rigs declined by six to a total of 414 andwere down 537 from the same week a year earlier. Inland water rigs wereunchanged on the week and the yearly period at a total of four. Offshore rigsslipped by one to a total of 25 and decreased by eight from the same week in2015.

Bytrajectory, horizontal rigs decreased five to a total of 341, which is 429 rigsbelow the corresponding week a year ago. Directional rigs rose three to a totalof 52 but were down 38 from the same week in 2015. During the period underreview, vertical rigs lost five to a total of 50 and were down 78 from the sameweek a year earlier.