US Drops Four Oil Rigs This Week

US Drops Four Oil Rigs This Week
The US oil rig count dropped by four this week, while the country added four gas rigs, keeping the total rig count flat.

U.S. drillers cut four oil rigs this week, marking the second consecutive week of declines, according to data compiled by Baker Hughes, a GE Company (BHGE).

However, the U.S. added four gas rigs this week, keeping the total rig count flat at 1,075.

Oklahoma lost four rigs this week, while Texas and Louisiana dropped two rigs apiece. New Mexico, Pennsylvania and West Virginia all added two rigs each, while Kansas and Ohio both dropped one rig.

As far as basins go, the Marcellus had the most gains this week, adding a total of four rigs. The Haynesville, Permian and Utica each added one rig. The Cana Woodford, the only basin to drop rigs this week, lost two rigs.

A recent report by Rystad Energy showed that fracking activity in the U.S. slowed in the second half of 2018 and several operators are predicting more modest approaches to CAPEX in 2019 due to a fall in crude oil prices.    


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