HOUSTON—The number of rigs actively exploring for oil and natural gas in the United States dropped by 73 this week to 1,170, as weak energy demand continues to hamper oilfield activity.
Of the rigs running nationwide, 916 were exploring for natural gas and 241 for oil, Houston-based Baker Hughes Inc. reported Friday. A total of 13 were listed as miscellaneous.
A year ago, the rig count stood at 1,802. The U.S. count is down more than 40 percent since the end of August. Oil prices peaked near $150 a barrel in July before plunging. Light, sweet crude for April delivery rose $1.91 to settle at $45.52 Friday on the New York Mercantile Exchange.
Of the major oil- and gas-producing states, Texas lost 58 rigs, Oklahoma lost five, Louisiana lost four, North Dakota and Arkansas each lost three and Wyoming lost two. New Mexico picked up three and Colorado added one. California was 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.
