The number of active rigs in the U.S. has fallen by more than 500 since the start of 2020, but recent operator commentary suggests that the bottom will likely be found before the end of the second quarter.
The U.S. oil and gas rig count fell by 17, or 6%, to an all-time low of 284, according to data from Baker Hughes Co.
The largest monthly decline occurred in the Williston Basin, where 50% of rigs were released, according to Enverus Rig Analytics for May.
As of May 20, the total U.S. rig count is down 28 from last week with the Permian Basin leading the declines with a drop of 17 rigs.
The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co.
For a second week in a row, the number of rigs operating in the U.S. fell to another all-time low, though, according to Enervus, this is the first single-digit decline in the U.S. rig count over the past 12 weeks.
The rig count, an early indicator of future output, fell by 35 to a record low of 339 in the week to May 15, according to data from energy services firm Baker Hughes Co.