Vertical drilling rises from multi-decade low
Drilling activity in the U.S. fell once again, the 12th drop in the past 13 weeks according to Baker Hughes Weekly Rig Count.

A net one rig shut down in the week, leaving 987 rigs active in the state. Three land-based rigs shut down, while two offshore rigs started drilling. There are now 961 land-based rigs in the country, compared to four inland waters and 22 offshore rigs.

Drilling continued to shift away from oil targets, with three oil-targeting rigs shutting down while two gas-targeting rigs came online. Oil currently accounts for 81.3% of all drilling, below the peak of 82.4% in late November, but slightly above the post-downturn average of 80.8%.

Conventional drilling saw an in...

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