US Rig Count Still in Freefall at 301

The U.S. rig count is down 17 rigs from the previous week to 301, with oil rigs down 15 to 222, gas rigs down two at 77, and miscellaneous rigs flat at two, according to current data from Baker Hughes.

Year on year, the U.S. rig count is down 683 rigs from last year's 984, with oil rigs down 578, gas rigs down 107, and miscellaneous rigs up two to two.

The U.S. Offshore Rig Count is flat at 12 and down 11 year-over-year, according to Baker Hughes.

Meanwhile, in Canada the rig count dropped one rig from the previous week to 20, with oil rigs down one to seven and gas rigs flat at 13. The region is down 65 rigs from last year's 85, with oil rigs down 37 and gas rigs down 28.

The following states dropped rigs last week:

California -1

New Mexico -2

North Dakota -2

Pennsylvania -2

Texas -11

The rig counts for all the major basins remained flat except for the following changes:

Arkoma Woodford -1

Marcellus -2

Permian -14

Utica -1

Williston -2