Rig count plummets as oil price war rages on
Baker Hughes reported that the number of oil and gas rigs in the US plummeted this week by 20, falling to 722, with the total oil and gas rigs clocking in at 244 fewer than this time last year.
The number of oil rigs increased for the week, by 19 rigs, according to Baker Hughes data, bringing the total to 664—a 160-rig loss year over year.
The number of rigs in the most prolific basin, the Permian, fell by 13 this week to 405, compared to 459 rigs one year ago. The second largest basin, the Eagle Ford, lost one rig this week, for a total of 67 rigs, compared to 82 a year ago.