Friday, March 2, 2012

U.S. Rig Count: +8 to 1,989

The Baker Hughes rig count was up eight to 1,989 this week. Oil rigs were up 28 to 1,293, gas rigs were down 19 to 691 and miscellaneous rigs were down one to five.  The current level of gas rigs is still 26 above the recent low achieved in July 2009, but at the current pace it should beat that low in a few weeks.  By type, horizontal rigs were up five to 1,170, vertical rigs were down two to 604 and directional rigs were up eight to 215.

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