Rig Count Collapse Continues Despite Jump In Oil Prices
By Julianne Geiger - Apr 24, 2020, 12:21 PM CDT
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Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 64, falling to 465, with the total oil and gas rigs clocking in at 526 fewer than this time last year as U.S. drillers make hasty and significant changes to their operations.
Over the last six weeks, oil and gas rigs combined have shed a total of 327 rigs.
The number of oil rigs decreased for the week by 60 rigs, according to Baker Hughes data, bringing the total to 378—a 427-rig loss year over year. It is the fewest number of active oil rigs since July 2016.
The total number of active gas rigs in the United States fell by 4 according to the report, to 85. This compares to 186 a year ago.