POST Online Media Lite Edition


U.S. oil drillers cut rigs for second week in row

Staff Writer |
U.S. energy firms cut oil rigs for a second week in a row as more producers turned conservative in their 2019 drilling plans.

Article continues below

Drillers cut four oil rigs in the week to Jan. 11, bringing the total count down to 873, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.

The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 752 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.

Occidental, one of the largest producers in the Permian Basin, the biggest U.S. oil field, said on Monday it expected to spend $4.4 billion to $5.3 billion this year, compared with around $5 billion spent in 2018, depending on the price of crude oil.

What to read next

U.S. oil drillers cut most rigs since May 2016
U.S. drillers added rigs for third week in row
U.S. oil drillers cut rigs for 4th week to November 2009 lows