US Adds 10 Oil Rigs

US Adds 10 Oil Rigs
Following last week's deep declines, the US added a total of 10 oil rigs this week.

After experiencing the biggest rig decline in nearly three years, the U.S. added a total of nine rigs this week, according to data compiled by Baker Hughes, a GE Company.

The U.S. added 10 oil rigs and dropped one gas rig for a net gain of nine rigs.

As for the major basins, the Permian added the most rigs this week at three, followed by the Williston (+2) and the Marcellus and Utica who each added one rig apiece.

The total overall rig count is 1,059 – up from 947 one year ago.

The price of crude oil has climbed almost 25 percent since Christmas Eve, Bloomberg reports, after a steep collapse in the fourth quarter of 2018.

Earlier this week, Houston-based fracking powerhouse Halliburton Company released its fourth quarter earnings. While North America revenues were down sequentially, CEO Jeff Miller said he was pleased with the overall financial results for the fourth quarter, adding there was a decrease in the demand for completion services which led to lower frack prices.


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