US rig count near 19-year high and climbing

02/28/2005
Baker Hughes Inc. reported 1,295 rotary rigs drilling in the US during the week ended Feb. 18, the highest weekly rig count since late February 1986, when the count was at 1,308. There are major differences between the two periods, however. In 1986, US drilling activity peaked during the first week at 1,915 rotary rigs, then plunged to 663 that summer as Saudi Arabia opened its taps and pushed down crude prices in a battle for market share. US drilling rebounded slightly to 988 at the end of 1986, but crude prices and rig counts remained depressed for years afterward.This year, the US rig count opened at 1,242 rotary rigs, has trended slowly upwards over the first 2 months, and generally ...
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