U.S. oil and natural gas producers reduced drilling activity substantially last week, with Baker Hughes’ (BHGE) rig count falling by 15 to 913 overall.
Oil rigs were down seven to 736 week over week, while gas rigs dropped by eight to 177 and miscellaneous rigs remained level.
The news comes as oilfield services behemoth Schlumberger Ltd. (SLB) reported earnings Friday, asserting that its North American business continues to benefit from strong shale drilling, but investment in the region is moderating.
“In the U.S. Gulf of Mexico, activity continued to weaken in the third quarter, and the outlook remains bleak for this region based on current customer plans,” Schlumberger said in a statement.
Compared to this time last year when it stood at 553, the U.S. rig count is up 360 units, as oil rigs are up by 293, gas rigs are up 69 and miscellaneous rigs are down two to two overall, Baker Hughes reported.
Meanwhile, the U.S. offshore rig count held steady at 20 last week and is down three rigs year over year.
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