Drilling drops to 15-year low in Permian Basin and other U.S. oil patches. The number of active oil rigs in the U.S. fell to 176, the lowest since 2005. North Dakota has seen its rig count go from 65 down to 11 drilling rigs in just one year.
“North American E&Ps are in a battle for investment relevance, not a battle for global market share,” Matt Gallagher, chief executive officer at Parsley Energy Inc.