Active Oil Rig Count Drops by 98

HOUSTON -- The number of rigs actively exploring for oil and natural gas in the United States dropped by 98 this week to 1,623.

Of the rigs running nationwide, 1,267 were exploring for natural gas and 346 for oil, Houston-based Baker Hughes (BHI Quote) reported Friday. A total of 10 were listed as miscellaneous.

A year ago, the rig count stood at 1,774.

Of the major oil- and gas-producing states, Texas lost 54 rigs, North Dakota lost seven, Wyoming, New Mexico and Colorado lost five each, Arkansas lost three and California lost one. Louisiana picked up four and Alaska added one. Oklahoma was unchanged.

Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.