Rigs targeting oil and natural gas in the U.S. declined by 14 this week to 1,771, according to Baker Hughes Inc. (BHI) Oil rigs fell by six to 1,416, data posted on the company’s website show. The gas count dropped by seven to 351, the Houston-based field services company said. Miscellaneous rigs slipped by one to four. The total U.S. rig count slid amid frosty weather and storms that swept across the U.S. this week, freezing gas wells and sending spot prices of the fuel in some regions to record-highs. Chesapeake Energy Corp. (CHK) , the second-largest natural gas producer in the U.S., said yesterday that output has dropped due to “winter weather challenges” since December. “We anticipate that the fourth-quarter 2013 and first-quarter 2014 timeframe will mark our production low point and that we will see a significant quarter-to-quarter ramp up beginning in the second quarter,” Doug Lawler, […]