US Rig Count Falls as Both Oil & Gas Drilling Deteriorate

(BHI – Analyst Report) reported a fall in the US rig count (number of rigs searching for oil and gas in the country) from the previous week.

A ConocoPhillips rig works in South Texas’ Eagle Ford shale. The…

USA benchmark West Texas Intermediate crude rose by 79 cents to $45.70 a barrel Friday.

That said, as shown by the long lag between rig counts (which peaked at 1609 in October of 2014) and supply reduction, productivity has been soaring; as a result, it’s unlikely we’ll see a decline in U.S. production anywhere near as large as the decline in rigs. The Business is a supplier of oilfield services, products, technology and systems to the the world petroleum and natural gas industry. The Integrated Operations of the Firm is focused on the execution of projects which have aspects, like project management, well site oversight, well building, intervention, third-party contractor procurement, management and rig management. In Canada, four oil rigs were lost and two gas rigs were stacked. The oil rig count fell by 8 last week. In the year-ago period, there were 338 active natural gas rigs.

Houston-based Baker Hughes said Friday that is actually 640 rigs were really needing lube, 197 scrutinized for lng you was at called different.

Gulf of Mexico (GoM): The GoM rig count was up by 2 to 31 units.