The number of active U.S. land rigs plunged by 98 this week in one of the biggest declines in the past three decades as fallen oil prices continued to pummel the industry’s drilling ambitions as reported by Fuel Fix.
In the week ending February 13, the Colorado rig count had fallen to 49 as reported by Baker Hughes, a count that is lower than any count during the last four years of the current statewide oil boom. Colorado’s oil industry had been resisting the national trend to idle rigs up until the last two weeks.
The latest weekly figures for Colorado’s oil industry, including rig counts, and permitting for the last the four years can be found in the staff reports at the COGCC. View the latest (January 26, 2015) COGCC staff report.