Moon Equity Holdings Corp (MONI)

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US oil rig count plummets again

MYLES UDLAND

03/27/2015

The latest weekly rig count from oil driller Baker Hughes showed the number of rigs fell by 12 this week to 813, the lowest since the week ending March 4, 2011.

Combined oil and gas rigs declined by 21 to 1,048.

Compared to this week last year, the number of combined oil and gas rigs is down from 1,809 and the number of oil rigs is down from 1,487.

Bloomberg notes, however, that this week's decline is the smallest in 15 weeks.

Since hitting a peak of 1,609 last October, the number of US oil rigs in use has declined by almost 50%.

Back in January, Baker Hughes said that in past oil price downturns, rig counts have declined by 40%-60%.

Drillers idled 12 oil rigs (excluding gas rigs), dropping the number to 813, Baker Hughes reported on Friday. It was the sixteenth straight week of declining oil rigs. The rig count has dropped 49 percent since October. The median forecast from a Bloomberg survey of 10 #RigCountGuesses on Twitter was for a decline of 39.

Here's the updated chart of the plunge in oil rigs.



Read more: http://www.businessinsider.com/baker-hughes-rig-count-march-27-2015-3#ixzz3Vbila3ib


North America Rig Count

http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-reportsother