Five declines in a row
By Richard Rostad, analyst, Oil & Gas 360

Drilling activity in the U.S. continues to reel from the Q4 oil price decline, based on the most recent edition of Baker Hughes Weekly Rig Count.

A net ten rigs shut down this week, meaning a total of 35 rigs have shut down in five straight weeks of declining activity. There are now 1,016 rigs drilling in the U.S., even with last April’s activity level.

Land-based rigs have dropped below 1,000 again, as eight shut down this week leaving 993 active. Inland waters activity held steady in the week, while two offshore rigs came offline.

Oil-targeting rigs accounted for most of the decline this week, as nine stopped drilling while only one gas-targeting rig shu...

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