U.S. RIG COUNT DROPS BELOW 600, A POST-1940 LOW
The Baker Hughes Inc. count of active U.S. rotary rigs as of June 12 fell to less than 600 the first time since that tally began in 1940. The previous modern record low was set at 610 the previous week (OGJ, June 15, Newsletter). Baker Hughes reported about 1,400 rigs idle in the U.S. last week. Using a different criteria, the Smith International count of U.S. active rigs fell seven units to 653 the week ended June 12, compared with a count of 910 the previous year.