USO - U.S. drilling rigs drop for 14th time in 15 weeks but oil rigs stay flat

2023-08-11 13:08:42 ET

Total active drilling rigs in the U.S. fell by 5 to 654, the lowest count since March 2022 and its 14th decline in the past 15 weeks, according to the latest weekly survey from Baker Hughes.

Gas rigs accounted for the entire decline, dropping by 5 to 123, while rigs targeting crude oil stayed flat at 525 and 6 rigs remained classified as miscellaneous.

Rigs targeting crude oil in the Permian Basin increased by 2 to 322, while oil rigs in the Eagle Ford lost 2 to 51.

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