U.S. rig count drops by 11
By Richard Rostad, analyst, Oil & Gas 360

Drilling activity continued to decline this week, the third drop in a row according to the Baker Hughes Weekly Rig Count.

A net eleven rigs came offline in the week, dropping the national total to 1,027. The total U.S. rig count has fallen by 56 since the last week of December, a 5% decrease. The drop in activity means the current rig count is only 43 higher than that of this time last year. This is the lowest yearly growth since January 2017.

All eleven rigs were land-based this week, with inland waters and offshore activity holding steady. There are currently 1,004 land-based rigs active in the country, compared to one inland waters and 22 offshore rigs.

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