Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Teddy who wrote (30598)	10/10/1998 9:01:00 PM
From: Garlic Breath	Read Replies (1) of 95453

Here's a similar story... biz.yahoo.com Friday October 9, 7:42 pm Eastern Time Weekly Rig Count Dips by Four HOUSTON (AP) -- The number of oil and gas rigs operating nationwide fell by four to 750 this week, Baker Hughes Inc. (NYSE:BHI - news) reported Friday. There were 974 rigs operating in the United States during the same week last year. Of the rigs running this week, 524 were exploring for natural gas and 226 for oil. Houston-based Baker Hughes has kept track of the count since 1940. The tally peaked at 4,500 in December of 1981 during the oil boom. It dropped to a record low of 596 in the summer of 1993, exceeding the previous low of 663 in 1986. The rig count represents the number of rigs actively exploring for oil and natural gas. Of the major oil- and gas-producing states, California lost four rigs, Louisiana three and Wyoming two. New Mexico fell by one. Texas gained five rigs, and Oklahoma added two. Alaska was unchanged. P.S. We may have some more downward pressure but I don't think 30% JMHO

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