The U.S. rig count continued its downward tumble this week, dropping 13 rigs from last week’s count to 489, according to the latest report from Baker Hughes Inc. (NYSE: BHI).
The report, released March 4, showed the U.S. oil rig count at 392, down eight from last week, while the number of gas rigs fell by five to 97.
The U.S. rig count is down 703 rigs from 2015 at 1,192—with oil rigs down 530, gas rigs down 171 and miscellaneous rigs down two, Baker Hughes reported.
Offshore the U.S., conditions were not much better. At 24, the U.S. offshore rig count was down three from last week and down 27 rigs year over year.
Farther north, the story is the same.
Baker Hughes’ report showed the Canadian rig count fell by 46 this week to 129 rigs. The oil rig count plummeted to 50, down 33. The number of gas rigs also fell by 13 to 70.
At 300, the Canadian rig count is down 171 rigs from 2015, with oil rigs down 100 and gas rigs down 71, the report showed.
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