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US sheds five rigs

by on June 22, 2012 6:45 pm GMT
 

Oil rigs and gas rigs continued on their opposite trajectories, with gas rigs losing another 21 for a total of 541 and oil rigs hitting a new 25-year high 1421 after adding 16.

Louisiana took the hardest hit this week, shedding seven rigs for a total of 120.

New Mexico lost five rigs to total 85 and Pennsylvania lost four for a total of 80.

Colorado lost three for 66 and Arkansas was down two for 18.

Texas – home to the oil-rich Permian basin, where rigs counts are “sky high”, according to investment bank Tudor Pickering Holt – gained big. The state added 12 rigs this week for a total of 938, or 95 more than a year ago.

Oklahoma, West Virginia and California were the only other states to add rigs. They each gained one apiece, for totals of 190, 26 and 56, respectively.

Wyoming, North Dakota and Alaska all stayed flat this week on 41, 200 and seven, respectively.