Rig Counts Take Another Hit in May, Rapid Decline Continues

We had thought/hoped that the we were near the end of a decline in drilling rig counts. But such is not the case. Baker Hughes released their May rig count report on Friday and it shows a continued slide in the numbers. In April there were 943 active rigs drilling on land in the U.S., down from 1,067 rigs in March (see Rig Counts Continue Big Decline in April, NE May Have Bottomed). In May, the number slide again–to 857 land-based rigs (a loss of another 86 rigs going idle). Double ouch. What about the Marcellus/Utica region? Did those rigs decline in May?…

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