The Edmond Sun

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July 3, 2009

Number of active oil rigs up by 11

HOUSTON — The number of rigs actively exploring for oil and natural gas in the United States rose by 11 this week to 928, the third consecutive week for an uptick after months of declines.

Of the rigs running nationwide, 688 were exploring for natural gas and 229 for oil, Houston-based Baker Hughes Inc. reported Thursday. Eleven were listed as miscellaneous. The report was released a day early because of the July Fourth holiday.

A year ago, the rig count stood at 1,921. The number of active rigs has increased by 52 in the past few weeks, but the U.S. count is still down 54 percent since the end of August as weak energy demand has hampered oilfield activity.

Oil prices peaked at almost $150 a barrel last July before plunging. On Thursday, benchmark crude for August delivery lost $2.34 cents to $66.97 a barrel on the New York Mercantile Exchange, its lowest point in a month.

Of the major oil- and gas-producing states, North Dakota and Oklahoma each added three rigs, Colorado and New Mexico each added two, and California and Wyoming each gained one. Louisiana lost a rig, and Texas, Arkansas and Alaska were unchanged.

Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.

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