Rig Count falls again - Nov. 25

[dan_s]

The rig count fell by 13 as of November 25, 2015

Baker Hughes Industries (ticker: BHI) released its weekly rig counts two days early this week, ahead of the Thanksgiving holiday. The company’s report showed that rigs tumbled by 13 following its previous release on November 20. The total rig count now stands at 744, just 38% of the number of rigs that were operating this time last year.

The majority of the lost rigs came from those drilling for oil, a trend that has continued since rig counts began their rapid decline last year. For the week ended November 25, BHI reports that the number of rigs drilling for oil fell to 555, down nine from last week. Gas rigs also declined this week after holding steady in the previous report, losing four rigs and falling to 189 total.

The majority of states reported at least one rig less than they did on last Friday, with Texas reporting six fewer rigs than it did in the week ended November 20. New Mexico and Oklahoma were the only states with added rigs this week, with the first reporting two additional rigs, and the latter just one.