Onshore Rig Count Hits New Low of 298 – Finds Bottom?

Last week S&P Global Platts reported the Enverus (Drillinginfo) rig count for the U.S. had slipped to a new all-time low of 299 (see U.S. Rig Count Goes Below 300 – Marcellus Gains 1, Utica Loses 2). This week for the first time in months, S&P didn’t bother to report on the latest Enverus rig count. So we have our own report. Overall rigs decreased by one more, to 298, over the past week, prompting some industry experts to speculate we’ve finally “hit bottom” with the rig count. Have we?

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