Monday, August 9, 2010

Rig Drilling Up 9 Consecutive Weeks

Oil and natural-gas rigs operating in the U.S. rose for a ninth consecutive week, as drilling in Texas jumped, according to data published by Baker Hughes Inc.
The combined oil and gas rig count gained 19, or 1.2 percent, to 1,605, the highest level since January 2009. The figure reached a 22-year high in 2008, peaking at 2,031.
Gas rigs gained 11 to 983, the highest level since February 2009. The count is down 39 percent from a peak of 1,606 in September 2008.
Gas for September delivery fell 13.1 cents, or 2.9 percent, to settle at $4.467 per million British thermal units on the New York Mercantile Exchange. Futures fell after a report showing U.S. jobs growth was less than expected.
U.S. oil rigs increased by eight to 611, the highest level since Jan. 25, 1991. Crude for September delivery dropped $1.31, or 1.6 percent, to $80.70 a barrel.
Baker Hughes also reported that miscellaneous rigs, which primarily drill for geothermal energy, were unchanged from the week before at 11.
Texas, home to 43 percent of U.S. rigs, saw its count climb by 16, or 2.4 percent, to 691, the most since January 2009.
After Texas, the rig count among major oil-producing states increased the most in North Dakota, which gained five to 133, and Oklahoma, which increased by four to 127. Alaska and Colorado added one rig each.
The rig count fell by four in Louisiana to 183. It dropped by three each in California and New Mexico. It dropped by two in Pennsylvania and one in West Virginia.
Rigs on land climbed by 20, or 1.3 percent, to 1,576, and rigs in inland waters lost two to 12. Offshore drilling gained one to 17 rigs, echoing the increase in the Gulf of Mexico.
Canadian rigs rose by 26, or 6.3 percent, to 389.

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