U.S. Rig Count Sees Small Increase – Adds 4 @ 622, M-U Adds 1 @ 40

The dead cat bounce bounced a little higher last week (i.e., the slight bounce a dead cat makes when it hits the ground). The rig count hit a new low for 2023 three weeks ago (see U.S. Rig Count Hits New 2023 Low – Loses 2 @ 616, M-U Even @ 40). Two weeks ago, the count increased by a measly two rigs from 616 to 618 (see U.S. Rig Count Small Increase – Adds 2 @ 618, M-U Loses 1 @ 39). Last week (as of last Wednesday), the count added another four rigs and now stands at 622. The Marcellus/Utica gained back one rig (in Pennsylvania) that it had lost the prior week (from Ohio) to hit 40 active rigs in the combined M-U.

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