Rig Counts for World, US Continue Steep Slide in March; M-U Down 1

We’ve now gone beyond cutting into the bone and sinew with rig count losses–we’re now severing limbs. February’s Baker Hughes rig counts were awful, with both international and U.S. counts hitting record lows (see Rig Counts for World, US & Marcellus/Utica Crash in February). Somehow, it got worse in March. International rig counts went down 33 from 1,018 counted in February to 985 in March. In the U.S., rig counts went from 532 in February to 478 in March–a loss of 54 (10%). Month after month it just keeps going lower. Will the patient survive the carnage? On a more positive note, the number of rigs in PA, OH and WV cumulatively (the Marcellus-Utica) went down by just 1 rig. PA’s count went up 1 rig, OH’s count went down 2 rigs, and WV’s count stayed the same. Here’s the details…

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