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Baker Hughes says oil rig count continues to fall

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Staff writer ▼ | May 27, 2016
Oil rig worker
Oil exploration   A 35% drop in the total number of rigs

The oil rig count resumed its decline this week, falling 2 to 316, according to driller Baker Hughes.

The tally did not fall for the first time in nine weeks last week.

Combined with gas rigs, the total count was 404. The gas rig count increased by 2 to 87.

Baker Hughes' tally shows a 35% drop in the total number of rigs over the last year, as commodity prices continued to slide and producers responded by paring output.

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