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US oil, gas rig count continues lower to start 2020, down 25% YOY

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US oil, gas rig count continues lower to start 2020, down 25% YOY

The U.S. oil and natural gas rig count was down by nine from the prior week to a total of 796 rigs during the week ended Jan. 3, according to the latest Rotary Rig Count released by Baker Hughes Co.

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The count is down by 279 rigs, or more than 25%, from the same week in 2019.

Gas-directed rigs were down by two on the week at 123 and were 75 rigs lower than in the corresponding week in 2019. Oil rigs decreased by seven to 670 for the week and were down by 207 from the same week a year earlier.

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Among the producing regions that saw rig count changes was the Permian Basin, which saw a two-rig decrease to 403 rigs, while the Arkoma Woodford, Cana Woodford and Marcellus each saw one-rig declines to two rigs, 20 rigs and 40 rigs, respectively.

Canadian rigs fell by 14 on the week to total 85 but are up by nine rigs from the same week a year earlier.

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