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Total US rig count extends lower, remains mired at record low

TheU.S. rig count dropped again during the week ended April 1, retreating another14 rigs to post a record low at 450, according to 's latest NorthAmerica Rotary Rig Count releasedApril 1.

Thetotal U.S. rig count is 578 rigs below the count tallied in the same week in2015 and remains at the lowest level dating back to July 1987, when record-keepingfirst began.

TheU.S. oil rig count was down by 10 to a total of 362 and was 440 below thecorresponding year-ago period. U.S. natural gas rigs decreased by four to 88during the week ended April 1 and were down 134 from the same week the yearbefore.

TheNorth American rig count fell 20 rigs to a total of 499, which is 629 below thecorresponding week in 2015. Canadian rigs were down six to a total of 49 andwere down 51 from the same week the year prior.

U.S.land rigs lost 12 to a total of 420 and were down 573 from the correspondingweek in 2015. Inland water rigs were unchanged on the week and the year at atotal of four. Offshore rigs fell two to a total of 26 during the week endedApril 1 and eased five from the corresponding year ago period.

Bytrajectory, horizontal rigs declined by 13 to a total of 346 and were down 453rigs from the same week in 2015. Directional rigs declined three to a total of49 and were down 44 from the corresponding week the year before. Vertical rigsrose by two to 55 but were down 81 from the same week in 2015.