BIG Decrease in BH Rig Counts, Including Marcellus/Utica

over a cliffBaker Hughes, the company known for its publicly available rig count data (and it’s pink drill bits use in breast cancer awareness) yesterday published its official monthly rig count tally for March. In the public press release BH notes that (our language) rig counts have fallen off a cliff. The U.S. land-based rig count, most of which are used to drill in shale plays, sunk to 1,067, down 238 rigs from February (which is 18% in a single month), and down 683 from March 2014 (which is 39%). Not a pretty picture. MDN wondered if the same trend held for the Marcellus/Utica, so we ran the numbers for PA, OH and WV…

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