The North American Baker Hughes Rig Count came out Friday. The decline continues. Baker Hughes gives an oil and gas breakout for every basin and state with five years of historical data. Baker Hughes has twenty eight and one half years of historical data for total US rigs but only five years for individual basins. Gas rigs peaked in August 2008 at 1,606 rigs, over six years before the peak in Oil rigs. On February, 26, gas total US gas rig count stood at 102, a decline of over over 93%. A closer look at the total US total rig count. October 10, 2014 1,609 rigs February 26, 2016 400 rigs Percent decline 75% In figuring the percent decline for each basin I have use October 10 as peak, the week US rigs peaked even though all basins did not peak on that week. Bakken October 10, 2014 198 […]