Oil, gas rig counts slide 12.5 percent in a week in Denver-Julesburg Basin

The number of rigs exploring for oil and natural gas in the Denver-Julesburg Basin declined by six last week, from 48 to 42, according to Baker Hughes Inc. (NYSE: BHI).

The latest report from Baker Hughes released Friday shows that the number of rigs operating in the D.J. Basin, which includes territory in Northern Colorado, has fallen from 53 the same week last year.

The diminished rig count comes as Colorado oil companies struggle with lower oil prices. One rig operating in the D.J. Basin can support as many as 125 direct and indirect jobs.

Statewide, Colorado’s rig count has dropped by six to 49 last week from 55 the week before. The state’s rig count has fallen by 11 to 49 last week from 60 during the same time last year.

The nation has seen similar rig count declines. The U.S. lost 98 rigs to fall to 1,358 last week . The nation’s rig count has fallen by 406 from a year ago to 1,764.

Texas lost 56 rigs last week and declined to a total of 598 rigs, down from 654 the week before. The state has lost 242 rigs since a year ago.

Wyoming lost three weeks last week for a total of 39 rigs from 42 rigs the week before. The state has lost 12 rigs from its total of 51 last year.

on Facebook on LinkedIn