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DRILLING MARKET FOCUS: US rig count slumps more rapidly than industry expected

05/18/2009
The US rig count fell much more rapidly than most in the oil and gas drilling industry had forecast, and industry executives say they are uncertain when drilling activity might recover.Baker Hughes Inc. reported a rig count of 975 working rigs for the week ended Apr. 17 compared with 1,743 rigs drilling during the same period a year ago.The weekly rig count released Apr. 17 marked the first time since Apr. 30, 2003, that fewer than 1,000 rotary rigs were working in the US and its waters. It also marked the lowest weekly rig count since Apr. 2, 2003, when 972 rigs were drilling.Halliburton Co. Chief Executive Officer Dave Lesar called the drilling decline “unprecedented” and sa...
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