U.S. companies cut the most oil rigs in about four months

Christian Fernsby ▼ | August 23, 2019

U.S. energy firms this week cut the most oil rigs in about four months, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.

Article continues below

Topics: U.S. OIL RIGS

Drillers cut 16 oil rigs in the week to Aug. 23, the deepest cut since the week of April 26 and the seventh weekly decline in the past eight weeks, General Electric’s Baker Hughes said. ■

POST Online Media Lite Edition

U.S. companies cut the most oil rigs in about four months

What to read next