Baker Hughes U.S. Rig Count Drops 5 @ 624, M-U Drops 1 @ 42

Last week, the Baker Hughes rig count dropped five rigs after adding seven the week before. The count went from 629 active rigs two weeks down to 624 last week. The national count is officially rangebound. Since last October, the national count has gone as low as 616 and as high as 629. And that’s it. No higher and no lower. The Marcellus/Utica cumulatively lost one rig (in Pennsylvania) last week and now runs 42 rigs. The number of gas rigs cumulatively across the country fell to its lowest number since January 2022.

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