US oil, gas rig count falls 6 to 285 as industry begins to stabilize

S&P Global Platts | Jul 2, 2020 at 7:30 PM
  • After consecutive weeks of single-digit declines, the US oil and gas rig count may have essentially reached its long-awaited bottom.
  • On July 1, the Bakken had 10 rigs, unchanged on the week, while the Eagle Ford had nine rigs after losing two rigs from the previous week.
  • Delayed well completions are typically due either to normal lag timing, since oil companies tend to drill wells in batches and then return to complete them in batches, or the wells’ completions were deliberately deferred for economic or operational reasons.