Oil and gas rig data from Baker Hughes:
– Fresh low since Nov 2009
– Prior oil rigs 351
– Natural gas rigs 88
– Prior gas rigs 89
– Total rigs 431
– Prior total rigs 440
Oil rigs have fallen dramatically since the beginning of 2015 but that doesn’t tell the whole story. Efficiency is far greater than before and many long-term plays have come on-line. US production is down just 4.4% year-over-year.
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