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US oil rig count tumbles again

MYLES UDLAND

APR. 2, 2015, 1:06 PM

The number of US oil rigs fell by 11 last week to 802 according to data from oil driller Baker Hughes.

This is the lowest oil rig count since the week ending March 4, 2011.

Since hitting a peak of 1,609 back in October 2014, the number of active oil rigs is down by about 50%, and Baker Hughes said on its first quarter earnings conference call back in January that during past oil downturns, the number of active rigs has declined by 40%-60%.

The number of combined active gas and oil rigs fell by 20 this week to 1,028, the is the lowest combined number of oil and gas rigs since October 2009.

The biggest declines this week came from North Dakota's Williston basin, which saw 6 rigs shut down, and the Texas Permian shale basin, which saw 5 rigs shut down.

This week's report comes on Thursday due to tomorrow's Good Friday holiday.

Here's the latest chart showing the decline in oil rigs.



Read more: http://www.businessinsider.com/baker-hughes-rig-count-april-2-2015-4#ixzz3WG6OlmHP

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This is the 17th weekly decline in a row but the pace of declines is dropping rapidly as it appears an economic efficiency equilibrium is starting to be reached.