Budget Cuts and Layoffs Mark Crisis in Region Rig Count Sharply Declines in Bakken The Bakken-Three Forks rig count decreased sharply over the past month, ending last week with a total of 163 rigs across our coverage area. This represents a drop of seven from last week and a startling 17 from only one month ago, according to the weekly report from Baker Hughes. WTI crude prices have decreased by ~$9.59 since December 19th, trading at $55.99/bbl on Monday morning. As oil prices continue to drop, reports of deeper budget cuts and layoffs are now daily news. Related: Energy Giants Announce Layoffs Related: Halcón Resources Reduces 2015 Budget The Bakken isn’t the only region to see a decline. The U.S. rig count decreased to 1,676 rigs running by the end of last week with a total of 310 rigs targeting natural gas (down 28 from December) and 1,366 targeting […]