California Witnesses Removal of 5 Onshore Drilling Rigs

The count of rigs exploring in the U.S. resources declines in five of the past seven weeks.

In its weekly release, Baker Hughes, a GE company BHGE reported a decline in the U.S. rig count.   

More on the Rig Count

Baker Hughes data, issued at the end of every week since 1944, facilitates 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 affects demand for energy services like drilling, completion and production provided by companies like Halliburton Company HAL, Schlumberger Limited SLB, Diamond Offshore Drilling, Inc DO and Transocean Ltd. RIG.

Details

Total U.S. Rig Count Decreases:  Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 1075 in the week ended Jan 4, down from 1083 in the prior week. This marks a fall in rig count in five of the past seven weeks.

Despite 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 higher than the prior-year quarters level of 924.   

For the week under review, the downside has been caused by reduced onshore and offshore operations. The number of onshore rigs totaled 1050, down from 1056 in the previous week. Moreover, the tally for offshore activities totaled 22, down from 24 for the week ended Dec 28. However, through the week ended Jan 4, three rigs operated in the inland waters, in line ....

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