IN BRIEF : Oil and Gas Rigs Increase to 940

The number of working oil and natural gas rigs increased by 10 to total 940, marking the third straight week of gains, industry watcher Baker Hughes Inc. reported today.

Last week, the count increased by eight to total 930; the count increased by 17 in the previous week. A year ago, the number of rigs totaled 1,145.

Baker Hughes economist Ike Kerridge said the year-end surge capped an otherwise disappointing quarter.

“We normally would see a considerably greater increase than we had in the fourth quarter,” Kerridge said today. “Normally, we see an increase in drilling because companies are spending what was left in their drilling budgets. That didn’t happen this year.”

The count averaged 922 working rigs in the fourth quarter, usually the strongest of the year, compared to 999 in the first, 901 in the second and an average 924 rigs in the third quarter, Kerridge said.

Among major oil-producing states, the biggest gains were posted by Texas with 12 additional rigs, followed by Oklahoma, 7; Wyoming, 6; Ohio, 4; and Louisiana, 2. North Dakota had the biggest decline with 6 fewer rigs, followed by California, 4; Colorado, 3; Michigan, 2; and New Mexico, 1.