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Thursday, December 30, 2010

U.S. rig count shrinks to 1,694

HOUSTON, Dec.30 (Xinhua) -- The number of operating oil and natural gas rigs in the United States shrank from 1,714 to 1,694 this week, according to a weekly count released here Thursday.

Of the total, 919 rigs were exploring for natural gas, down by 12 rigs from last week's 931, and 765 were exploring for oil, compared with last week's 771, with another 10 rigs listed as miscellaneous, according to figures compiled by Houston-based oil service company Baker Hughes Inc.

The rig count stood at 1,189 a year ago. The weekly count is usually released on Friday, but it was released one day earlier this week because of the New Year's Day.

The Baker Hughes rig counts, first issued in 1944, act as an important business barometer for drilling firms and their suppliers to gauge the overall business environment of the oil and gas industry.

The U.S. rig count peaked at 4,530 in 1981 as the result of the oil boom. It plummeted to a record low of 488 in 1999.
 
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