US rig count rises 8 this week to 885; Texas up 8

Markets Associated Press

The number of rigs exploring for oil and natural gas in the U.S. rose by eight this week to 885.

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A year ago, only 406 rigs were active amid a slump in energy prices.

Houston oilfield services company Baker Hughes Inc. said Friday that 712 rigs sought oil and 172 explored for natural gas this week. One was listed as miscellaneous.

Texas added eight rigs while Colorado, North Dakota, Ohio and Wyoming each added one.

Oklahoma declined by two rigs while Alaska and New Mexico each lost one.

Arkansas, California, Kansas, Louisiana, Pennsylvania, Utah and West Virginia were unchanged.

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The U.S. rig count peaked at 4,530 in 1981. It bottomed out last May at 404.