Activity breaks out of five-month equilibrium
Drilling activity increased sharply this week, reaching another post-downturn high, according to the latest edition of Baker Hughes’ Weekly Rig Count.

A net 14 rigs began drilling this week, meaning there are now 1,081 rigs active in the U.S. This represents a decisive break from the past five months, when rig counts hovered around 1,055 rigs. This rig count has not been seen in the U.S. since mid-March 2015.

Eleven land-based rigs came online in the week, while three offshore rigs began drilling. There are currently 1,057 land-based, three inland waters and 21 offshore rigs active in the country.

The increase in oil and gas-targeting rigs was proportional to current activity, as 1...

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