US oil rig count indicates continued growth at 1,046

Published: 23 May 2018 By Grace Kimberley

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Baker Hughes’ latest active oil rig report shows US oil rigs having increased by 1 unit during the week commencing the 14th May, further solidifying reports the oil market it in the US has “regained confidence” and oil rig jobs in the USA are on the rise.

Whilst the number of operating oil rigs remained unchanged at 844, facilities extracting natural gas increased from 1 unit to 200 rigs last week.

The US offshore rig count has increased by 19% since last year with a new total of 901, containing 124 oil rigs and 20 gas rigs.

According to Baker Hughes, the top three oil-producing states were New Mexico, which increased its rig count to 93 (up 3) this week, Texas at 525 rigs (up 2), and Kansas, commissioning its only operational rig.

Meanwhile, states such as Oklahoma, Pennsylvania, Wyoming, West Virginia, California, Utah, and Arkansas all remained stagnant this week.

Louisiana, Colorado, North Dakota, Ohio and Alaska all dropped one rig in the same timeframe, despite reports of oil price recovery across the US nation.

Across the pond in Canada, Baker Hughes reported an overall rig count of 83, indicating an increase of 4 units.

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