U.S. Oil Rig Count Falls Despite Stabilizing Crude Prices

Baker Hughes reported on Friday that the number of combined oil and gas rig count in the US fell yet again this week by 3, to 244, as the pandemic continues to batter the oil and gas industry that is coming off a second-quarter financial season filled with billions in industry writedowns and projections of weaker-than-projected oil demand growth going forward. Total oil and gas rigs in the United States are now down by 691 compared to this time last year. The number of oil rigs slipped for the week by 4 rigs for the second week in a row, according to Baker Hughes data, bringing the total to 172, compared to the 770 active oil rigs this time last year. The Permian Basin alone lost five rigs this week, with Ardmore Woodford losing one, and Arkoma Woodford gaining one. The Permian now has just 117 rigs, compared to 441 a year ago. The total number of active gas rigs in the United States increased by one, landing at 70 total rigs. This compares to 165 rigs a year ago...MORE