Rigs are continuing to drop like flies. Low oil prices are a major cause, but companies also cite the increases in efficiencies that have prompted them to lay some rigs idle.
While oil prices have been up and down, and all around $50 per barrel, the latest data released from Baker Hughes shows a decline in active rigs all over the nation.
According to Friday’s figures, the Eagle Ford Shale’s rig count has dropped from 164 to 160 over just the last week. With this last week’s decrease, the Eagle Ford Shale has seen drops in rigs over the last nine consecutive weeks. Counts in shale formation that covers most of South Texas have tumbled below May 2011 levels.
Drilling operations across the U.S. have been on a downhill slide, according to Baker Hughes data. The nation’s active rigs fell from 1,358 to 1,310 and Texas as a whole lost 22 rigs over the past week, falling from 598 to 576.
The following information is provided by Baker Hughes and looks at the major basins in the U.S. It compares rig counts from this week, last week and a year ago.