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March 2009


Slowdown in the Oil Patch

High energy prices breathed new life into Texas oil and gas production over the last few years. Sharp price drops since the downturn have reversed the trend, bringing the January 2009 Texas rig count to its lowest level since March 2006.

Month Rig Count
January-06 664
February-06 686
March-06 699
April-06 726
May-06 740
June-06 748
July-06 757
August-06 788
September-06 787
October-06 798
November-06 778
December-06 780
January-07 790
February-07 813
March-07 818
April-07 824
May-07 829
June-07 834
July-07 831
August-07 844
September-07 837
October-07 842
November-07 860
December-07 884
January-08 858
February-08 866
March-08 881
April-08 887
May-08 906
June-08 923
July-08 920
August-08 934
September-08 946
October-08 925
November-08 899
December-08 826
January-09 701

Source: Baker Hughes

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