The trend of shrinking declines in the US drilling rig count continued during the week ended May 15. Just 6 units were laid down to settle at a total of 888 rigs working, representing the smallest drop in the 23 consecutive weeks in which the count has dived, easily surpassing last week’s 11 that went offline, according to data from Baker Hughes Inc. ( OGJ Online, May 8, 2015 ). Since Dec. 5, 1,032 units have now gone offline ( OGJ Online, Dec. 5, 2014 ). The total of 888 is still higher than the nadir of 876 during the 2008-09 downturn but is 973 fewer units compared with this week a year ago. In an energy update early this week, Raymond James & Associates noted that weekly well permits, a primary indicator of rig count activity, “have been relatively stable as of […]