OKLAHOMA CITY – The number of working oil rigs in Oklahoma is down more than a quarter from this time last year, amid a nationwide decrease.
Oilfield services firm Baker Hughes reported 102 rigs operating in the state Friday. The Journal Record reports this is down 27% from a year ago following a sharp drop in January and gradual decreases through June.
The lower count comes as energy companies across the country have prioritized cash flow over increased production amid low oil prices. Houston-based Baker Hughes reports 967 oil and gas rigs operating nationally, 80 fewer than a year ago.
The rig count is down even as the U.S. Energy Information Administration reports that national refinery capacity rose more than 1% since the beginning of 2018 to hit a record high.