Oil and natural gas rigs operating in the U.S. rose to the highest in five months this week, according to data published by Baker Hughes Inc. Rigs exploring and producing in the U.S. rose by 10, or 1 percent, to 1,009,

the highest since the week ended April 3, Baker Hughes said today on
its Web site. Most of the additions were in Texas and Louisiana.

The combined count rose to a 22-year high last year, peaking at 2,031 in the weeks ended Aug. 29 and Sept. 12.

Natural gas rigs increased by two to 701, in the seventh consecutive
weekly gain. The gas rig count remained down 56 percent from a peak of
1,606 on Sept. 12, 2008.

Gas for October delivery rose 22 cents, or 8.8 percent, to settle at
$2.728 per million Btu on the New York Mercantile Exchange. Earlier,
gas touched a seven-year low of $2.409.

Oil rigs added nine, or 3.1 percent, to 295. They have increased for
the past three weeks. The rig count is down from a peak of 442 on Nov.
7. Crude for October delivery gained 6 cents to settle at $68.02 on the
Nymex.

Baker Hughes also reported that miscellaneous rigs, which primarily drill for geothermal energy, fell by one to 13.

Texas, Louisiana

Rigs on land rose by 10, or 1 percent, to 970. Texas added 12 rigs, or
3.2 percent, to 388, and Louisiana’s rose by four, or 3 percent, to
139. The two states account for 52 percent of the country’s working
rigs.

Other states adding rigs were Colorado and New Mexico. Alaska,
Arkansas, California and North Dakota lost rigs, and the count didn’t
change in Oklahoma and Wyoming.

U.S. rigs in inland waters fell by one to six. The rig count for
offshore production rose by one to 33, as the Gulf of Mexico added one
rig to 31.

Canadian rigs were unchanged from last week at 184.

Source: Bloomberg

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