Report: US Oil Drillers Cut Rigs For First Time In 12 Weeks

U.S. energy companies this week cut one oil rig, the first reduction in 12 weeks, after drillers started to slow down the rate of additions this month as pipeline constraints put a damper on future production. The total oil rig count dipped to 862 in the week to June 22, Baker Hughes Inc. (NYSE: BHGE), the energy services firm of General Electric Co. (NYSE: GE), said in its closely followed report on June 22. That put the rig count on track for its smallest monthly gain since declining by two rigs in March with just three rigs added so far in June.

https://www.shaledirectories.com/blog/report-us-oil-drillers-cut-rigs-for-first-time-in-12-weeks/