Williston Basin Witnesses Removal of 4 Oil Drilling Rigs
Zacks Equity Research,
In its weekly release, Baker Hughes BHGE, a GE company, reported a drop in U.S. rig count.
About the Rig Count
Baker Hughes data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.
A change in the Houston-based oilfield services players rotary rig count impacts demand for energy services like drilling, completion and production provided by the likes of Halliburton Co. HAL, Schlumberger Ltd. SLB, Diamond Offshore Drilling, Inc. DO and Transocean Ltd. RIG.
Weekly Summary: Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 1044 in the week ended Aug 24, down from 1057 in the previous week. This marked a decline in rig count in five of the last 10 weeks.
Despite the rig count slipping to an all-time low of 404 in May 2016, it has been rising rapidly in U.S. shale resources. The current national rig count is considerably higher than the prior-year level of 940.
For the week under review, the fall in rig count can be attributed to decreased onshore and offshore operations. The number of onshore rigs totaled 1025, down from 1034. Moreover, the tally for offshore rigs was 18, down from the prior weeks count of 21. Only one rig operated in the inland waters last week, down from two in the week ended Aug 17.
Oil Rig Count: Oil rig count....