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US rig count plummets as companies shrink activity in oil

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US rig count plummets as companies shrink activity in oil

The combined U.S. oil and natural gas rig count fell by 19 to total 916 rigs during the week ended Aug. 23, according to the latest Rotary Rig Count from Baker Hughes a GE company.

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The count is down 128 rigs from the same period in 2018. Oil-directed rigs dropped by 16 to 754 for the week, 106 rigs lower than the corresponding week a year ago. Gas-directed rigs totaled 162, slipping by three and down 20 rigs from same week in 2018.

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North American rigs slipped by 22 to total 1,055 rigs during the week ended Aug. 23. The count is down 218 rigs from the same period a year ago. Canadian rigs dropped by three for the week and are 90 rigs below year-ago levels.

U.S. land rigs totaled 887, down by 20 rigs for the week and 138 rigs lower than values reported a year prior.

By direction, horizontal rigs dropped by 18 to 797, 122 rigs lower than values seen a year ago. Vertical rigs stood at 50, shedding two for the review week and decreasing by 13 rigs from the same week in 2018.