Rig Counts Continue Big Decline in April, NE May Have Bottomed

The rotary rig count tabulated by Baker Hughes continued to slide in April. The latest monthly rig count report shows another 134 land-based rigs in the U.S. were laid down between March and April. As of April there were 943 active rigs drilling on land in the U.S., down from 1,067 rigs in March. Ouch. What about the Marcellus and Utica region? MDN has done some analysis and we have reason to hope that we may have hit the bottom in the northeast as far as declining rig counts…

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