U.S. Oil-Rig Count Falls to 788 in Latest Week
July 03 2019 - 1:50PM
Dow Jones News
By Michael Tobin
The number of rigs drilling for oil in the U.S. fell by five in
the past week to 788, according to oil-field services company Baker
Hughes, a GE Company.
The U.S. oil-rig count is typically viewed as a proxy for
activity in the sector. After peaking at 1,609 in October 2014, low
oil prices put downward pressure on production and the rig count
fell sharply. The oil-rig count showed steady growth from the
summer of 2016 to late 2018 before tapering off.
The nation's gas-rig count rose by one to 174 in the week ended
Wednesday, according to Baker Hughes.
The U.S. offshore-rig count is down two from last week at 24,
which is five more than a year ago.
Write to Michael Tobin at michael.tobin@wsj.com
(END) Dow Jones Newswires
July 03, 2019 13:35 ET (17:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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