US rig count rises 4 this week to 408, up from record low

The Associated Press

The number of rigs exploring for oil and natural gas in the U.S. rose by four this week to 408, the first gain in months and halting a slide that pushed the count to record-low levels amid collapsed energy prices.

 

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. rose by four this week to 408, the first gain in months and halting a slide that pushed the count to record-low levels amid collapsed energy prices.

A year ago, 868 rigs were active.

Houston oilfield services company Baker Hughes Inc. said Friday 325 rigs sought oil and 82 explored for natural gas. One was listed as miscellaneous.

Among major oil- and gas-producing states, Texas and Alaska each gained three rigs. New Mexico was up two.

Oklahoma and Pennsylvania declined by two and Louisiana was down one.

Arkansas, California, Colorado, Kansas, North Dakota, Ohio, Utah, West Virginia and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981.

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