Economy

Louisiana oil, gas rig count up 1; U.S. gains 5

Louisiana oil, gas rig count up 1; U.S. gains 5

The US rig count was up by five units for the week to 1008, marking a second gain in as many weeks, according to oil-services firm Baker Hughes. The loss of two rigs drilling for natural gas kept the rig count from growing higher.

In the Permian Basin of west Texas and southeastern New Mexico, the rig count now stands at 445, one more than the previous week's count.

At this time past year, there were 847 active rigs in the U.S. The U.S. tally bottomed out in May 2016 at 404.

ON THE NET: Baker Hughes rig count.

More news: Goldman Sachs Reaffirms Neutral Rating for General Electric (GE)

Among the major basins BHI tracks, the largest increases for the week came in the Eagle Ford and the Cana Woodford, which each added two to their respective tallies.

Among major oil- and gas-producing states, Texas added three rigs; Oklahoma, two; and Colorado and OH, one each. Colorado, Louisiana and OH each added a rig, while Kansas, New Mexico and West Virginia each saw one rig pack up. Including 192 other land rigs drilling for natural gas and one listed as miscellaneous, there are a total of 1,008 working rigs in the country, five more than a week ago and up by 161 year over year.

Both land and offshore rigs grew, but offshore growth outnumbering that o.


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