US Shale Drilling-Rig Usage Plunges by Most in Five Months [BNN Bloomberg (Canada)]
Baker Hughes Company (BKR)
Company Research
Source: BNN Bloomberg
The number of US rigs drilling for oil fell by five to 506, marking the biggest slide since Nov. 3, according to data released by Baker Hughes Co. on Friday. This week's move reverses last week's five-rig increase. After better-than-expected output from fewer rigs in 2023, US shale executives now are in the midst of slowing down amid a shrinking inventory of top-tier drilling locations, weak natural gas prices, and industry consolidation. Total spending by North American explorers is forecast to drop 1% this year, according to Barclays PLC. ©2024 Bloomberg L.P. Top Picks Top Stories Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code IBM plots US$730M expansion of Canadian semiconductor site Nvidia shares go on a US$260B tear as clients splurge on AI Copper hits US$10,000 a ton as BHP bid shows tight supply pipeline
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- US Shale Drilling-Rig Usage Plunges by Most in Five Months [Yahoo! Finance]Yahoo! Finance
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