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Baker Hughes Rig Count Reaches Record Low

The number of operating U.S. oil and gas rigs as counted by Baker Hughes plunged for the 12th consecutive week to a new low of 301, the Houston Chronicle reported Friday. The lowest number during the 2014-2016 oil bust was 404 in May 2016, and until this collapse was the lowest number ever recorded.

The majority of losses this past week came from the Permian Basin, the center of U.S. oil production, where operators pulled 14 rigs from production. A leading indicator of oil and gas production activity in the U.S., the rig count has plunged more than 50% since mid-March and two-thirds from a year ago.

The losses reflect an oil price bust that began in January, as the spread of the coronavirus across the globe and an oil price war sent crude prices into a slump and the subsequent stay-at-home orders in the spring that sent prices diving.

Read more at Houston Chronicle

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
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