2023-05-19 14:07:54 ET
Total active drilling rigs in the U.S. fell by 11 to 720, the lowest count in a year, Baker Hughes said Friday in its latest weekly survey .
The total rig count was down eight, or 1%, below this time a year ago, the first time since April 2021 that rigs were lower than the prior-year level.
U.S. drilling rigs targeting crude oil accounted for the entire decline, falling by 11 to 575 - the most in a week since September 2021 - while gas rigs were unchanged at 141, and 4 rigs were classified as miscellaneous.
Rigs targeting crude oil in the Permian Basin fell by 4 to 346.
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U.S. drilling rigs fall for a third straight week to lowest in a year