U.S. rig count drops 4 units
The count is down 22 units since the peak of a 14-month drilling rebound on July 28, but it remains up 532 units since a modern low in Baker Hughes data during the weeks ended May 20-27, 2016.
In the 10 weeks since July 28, the count has fallen seven times.
U.S. oil-directed rigs dropped 2 units this week to 748, down 20 units since their recent high on Aug. 11 but up 432 units since their recent bottom on May 27, 2016.
Gas-directed rigs, whose count has been relatively stable since May, also shed 2 units and now total 187. One rig considered unclassified remains drilling.
Three land-based rigs stopped drilling, with 3 rigs that drilled directionally ending work to bring that count to 79.
Rigs drilling horizontally fell 2 units to 792, down 18 units since July 28 but up 478 units since May 20-27, 2016. ■