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U.S. oil drillers cut rigs for third week in a row

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Christian Fernsby ▼ | July 19, 2019
oil rig count
America   Drillers cut five oil rigs in the week to July 19

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row.

Drillers cut five oil rigs in the week to July 19, bringing the total count down to 779, the lowest since February 2018, General Electric’s Baker Hughes said.

That compares with 858 rigs operating during the same week a year ago.

The rig count, an early indicator of future output, has declined over the past seven months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output.


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