U.S. drillers add oil rigs for second week in a row
Topics: OIL RIG U.S.
Companies added 1 oil rigs in the week to Oct. 18, bringing the total count to 713, General Electric’s Baker Hughes said.
In the same week a year ago, there were 873 active rigs.
The oil rig count, an early indicator of future output, has declined over a record 10 months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output. ■