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US rig count falls by 1 to 987

The combined oil and natural gas rig count in the U.S. decreased by one to 987 rigs during the week ended May 17 and is 59 rigs lower than the same period a year ago, according to the latest weekly North America Rotary Rig Count provided by Baker Hughes, a GE company.

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Oil-directed rigs slipped by three to 802 rigs during the week to May 17 and are down 42 rigs from a year ago. On the other hand, gas-directed rigs added two over the week to 185 rigs but are 15 rigs lower than the corresponding week in 2018.

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North American rigs slipped by one over the week to 1,050, 79 rigs lower than the same week in the year prior. Canadian rigs were unchanged for the week and stood at 63. The count is down 20 rigs from the corresponding week a year ago.

During the week ended May 17, U.S. land rigs slipped by three to 961 rigs, down 62 rigs from a year ago. Inland water rigs were unchanged at four rigs for the week ended May 17 and the same period in 2018. Offshore rigs were up by two to 22 rigs over the week and are three rigs higher than the year-ago level of 19 rigs.

By trajectory, directional rigs added two during the week to 73 rigs, seven rigs higher from the corresponding week in 2018. Vertical rigs were also up by three for the week ended May 17 to a total of 48 rigs, but 13 lower than the same week a year ago. Horizontal rigs slipped by six during the week to 866 rigs and are also 53 rigs lower than prior year count of 919 rigs.

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