Rig count grows again
Despite growing concerns of overproduction, oil and natural gas companies activated a dozen new drilling rigs nationwide this week, including four in Oklahoma.
After dropping by one last week in the first decline in five months, the nationwide rig count increased this week to 952, up 116 percent from one year ago. The number of rigs drilling for oil increased by seven this week to 763, while the number of natural gas rigs increased by five to 189.
In Oklahoma, the rig count grew by four this week to 136, up 131 percent from 59 one year ago.
Central Oklahoma's STACK and SCOOP fields are among the areas in the country where drilling activity has picked up fastest. The plays are part of the Cana Woodford basin, which added four rigs this week to 63. The basin had 28 active rigs one year ago.
The Cana Woodford is the third most-active field in the country, behind the south Texas Eagle Ford, which was unchanged this week at 84, and the Permian Basin in west Texas and southeast New Mexico, which dropped one rig this week to 369.
Texas remains the country's most active driller, adding two rigs this week to 463. Alaska added four rigs this week while Louisiana gained two. New Mexico and Utah each gave back one rig this week.
Oil prices have been volatile in recent weeks, but they tumbled Friday after the rig count was released. Domestic benchmark West Texas Intermediate crude fell $1.29, or 2.8 percent, Friday afternoon to close at $44.23 a barrel. The benchmark natural gas price slipped 2 cents to $2.86 per thousand cubic feet.