The US drilling rig count declined 9 units during the week ended June 12 to settle at 859 rigs working, according to data from Baker Hughes Inc. After 22 straight weeks of double-digit and near triple-digit declines, the count over the past 5 weeks has dropped by an average of just 7 rigs/week. It has now fallen in 27 consecutive weeks overall, during which time it has lost 1,061 units ( OGJ Online, Dec. 5, 2014 ). Compared with this week a year ago, the count is down 995 units. An energy update earlier this week from Raymond James & Associates indicated that the number of weekly well permits issued in the US last week, using a 4-week average, was flat compared with the prior week. A primary indicator of rig count activity, 865 permits were issued last week, up from 839 during the previous week. However, the 4-week […]