Nearly 2,000 rigs were running in the U.S. at the end of 2014, right before market conditions during the previous downturn began impacting rigs levels. According to Enverus, it would take until the end of April 2016 for the industry to stop shedding rigs, with numbers settling around 420.

While the total active rig count never went back over 1,200, efficiency gains allowed production levels to grow to record highs—oil volumes reached 13.1 million bbl/d in late February, while dry gas volumes averaged 95.8 Bcf/d in December. Production volume declines for both have now occurred on both fronts amid the current weak price environment.

U.S. oil output was 11.4 million bbl/d as of May 22, accord to weekly production data from the U.S. Energy Information Administration (EIA). The most recent EIA data on natural gas output estimated dry gas volumes at 94.1 Bcf/d.

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