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A lot fewer oil and natural gas rigs in action in the US, but it isn’t showing up in production numbers

Prometheus Institute

The overall US land rig count has fallen nearly 13% in the past year, due to a combination of low natural gas prices and efficient drilling. But the largest oil producing states have seen drops in their individual onshore rig counts that are less steep — in some cases far less, according to the latest Baker Hughes data.

The number of land rigs working last week nationwide totaled 1,712, down from 1,965 in the last week of 2011, according to Baker Hughes’ weekly rig count, which comes out every Friday and was last issued December 28.

But not all states were equal when it came to declining rig counts.

via A lot fewer oil and natural gas rigs in action in the US, but it isn’t showing up in production numbers « The Barrel Blog.

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