Only 45 vertical rigs remain online - lowest level in decades
By Richard Rostad, analyst, Oil & Gas 360

Drilling activity fell once again this week, as activity dropped for the 11th time in the past week according to Baker Hughes.

A net two rigs shut down in the week, bringing the national total to 988 active rigs. Both were land-based, while inland waters and offshore activity held flat. Land-based drilling now accounts for 97.6% of all activity, with 964 active rigs compared to four inland waters and 20 offshore rigs.

Oil drilling once again declined more sharply than gas drilling, a trend that has persisted for much of 2019. Two oil-targeting rigs shut down in the week, while gas activity held flat. There are now 805 oil an...

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