The U.S. land rig count fell by 4% for the week of March 16, with the Permian Basin leading basins with the largest drop, according to Cowen Equity Research tracking data.

Cowen said the rig count dropped off by 32 rigs to 749, reversing an eight-rig gain the week before.

The Permian dropped 19 rigs, which was partially offset by a five rig increase in the Northeastern U.S. Private companies dropped 17 rigs and public companies 15.

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