Shale bust claims another 13 oil rigs, Baker Hughes says

The shale bust and the fallout from $30-per-barrel oil claimed another 13 rigs this week, Baker Hughes announced Friday.

The oilfield service company’s rig count showed only 400 rigs drilling for oil across the U.S., down 75 percent from the October 2014 peak of 1,609. Over the past year, the count has fallen by nearly 60 percent.

The total rig count — including both oil and gas rigs — now stands at 502 rigs. Natural gas rigs were up one this week to 102.

The combined count is only 14 rigs above the lowest point since Baker Hughes began recording. The record low was reached in 1999.

Crude oil traded up 12 cents or 36 percent early Friday to $33.19 per barrel.

Comments

comments

SHOW MORE