Weekly North American Rig Count Down 41

The number of rigs exploring for oil and natural gas in North America stands at 1,693, down 41 from last weeks reported 1,739, according to the weekly Baker Hughes rotary rig count. Last year’s count for the first week of November was 1,479.

According to the Baker Hughes Website, the decrease reflects the impact of weather delays in North Texas and Oklahoma , as well as refinements in the methodology used to compile the rig count to ensure consistency in the compilation of the rig count. These refinements effectively reduced this week’s land rig count by approximately 15-20 rigs

Houston-based Baker Hughes Inc. has maintained rig counts since 1944. The highest total ever reported was 4,530 in 1981. The industry posted several record lows in 1999, bottoming out at 488.

Nationwide, 1,415 were exploring for natural gas and 273 for oil. Five were listed as miscellaneous.

In the weekly tally, Baker Hughes reports that Texas ran 780 rigs during the week, which was down 12 from the previous weeks’ total. Oklahoma lost 14 rigs (176) and Louisiana lost 12 (186). Colorado lost three rigs and is now running 90 and New Mexico is running 83. California gained four rigs for the week (37), Alaska reported no change (6), while Wyoming lost four and is running 96.

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