The US drilling rig count fell 4 units to 838 rigs working during the week ended Sept. 25, marking the fifth straight week of declines, according to data from Baker Hughes Inc. ( OGJ Online, Sept. 18, 2015 ). Since the recent peak during the week ended Aug. 25 that followed a small summer rebound, the count has dropped 47 units. It’s now down 1,093 units year-over-year. Canada’s rig count fell for a sixth straight week, dropping 6 units to 176, down 253 year-over-year. Since a recent peak after its own summer rebound, the count has declined 35 units, of which all but 1 have been oil-directed. This week, oil-directed rigs in Canada fell another 4 units to 66, down 180 year-over-year. Gas-directed rigs dropped 2 units to 110. Low crude oil prices have caused firms to substantially reduce their rig fleets over the past year to save cash. […]

Posted in: USA