HOUSTON (AP) — Oilfield services company Baker Hughes Incorporated says the number of rigs exploring for oil and natural gas in the U.S. plunged by 98 this week to 1,358 amid depressed oil prices.
The Houston firm said Friday in its weekly report that 1,056 rigs were exploring for oil and 300 for gas. Two were listed as miscellaneous. A year ago 1,764 rigs were active.
Among the major oil- and gas-producing states, Texas' count plummeted by 56, New Mexico fell 12, Colorado lost six, Oklahoma lost five, and Arkansas' tally declined by one.
The price of West Texas intermediate crude priced at Oklahoma's Cushing pipeline hub has declined over 40% since last year.