The U.S. Rig Count Is Falling -- Here's Why Oil Production Keeps Rising Anyway [The Motley Fool]
APA Corporation (APA)
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Source: The Motley Fool
The U.S. Rig Count Is Falling -- Here's Why Oil Production Keeps Rising Anyway Nimble shale drillers like Apache are cutting back on drilling activity due to low crude oil prices -- but they are completing previously drilled wells at a record pace. After plunging between late 2014 and mid-2016, the number of rigs drilling for oil in the U.S. rebounded sharply over the following two and a half years. Indeed, it nearly tripled over that period . Not surprisingly, this rising rig count drove strong growth in U.S. oil production. However, a sharp drop in oil prices last fall caused oil companies to start cutting back on drilling activity. As a result, the U.S. oil rig count has fallen steadily during 2019 and is now significantly lower than it was a year ago. Nevertheless, domestic crude production has continued to rise. U.S. Crude Oil Production vs. U.S. Oil Rig Count, data by YCharts . The combination of a falling rig count and rising production has confounded many pundits. Let's tak
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