U.S. rig count drops for third time in 6 weeks
Baker Hughes’ tally of active rigs in the U.S. dropped 4 units during the week ended August 4 to 954.
However, this week’s downward movement was primarily supplied by gas-directed rigs, which also lifted last week’s count.
The overall count is still up 550 units since the bottom of the drilling dive on the weeks ended May 20-27, 2016.
U.S. oil-directed rigs edged down a unit to 765, also their third drop of the past 6 weeks, during which time they’ve added just 7 units. They’re still up 449 units since May 27, 2016.
Gas-directed rigs fell 3 units to 189, mostly stagnant since May but still up 108 units since last Aug. 26.
Three units started work on land. However, the tally of rigs drilling horizontally declined for the just the second time in 38 weeks, shedding 3 units to 807, still up 493 units since May 20-27, 2016. The offshore count dived 7 units to 17. ■