US Drilling Rig Count Hits a 10 Month High

US Rig count top 400 at 402, highest since May 2020

According to reports, drilling is picking up quickly and Texas seems to be the first state to see a huge uptick in new drilling activity.

Baker Hughes Co on Friday stated that the total number of rotary drilling rigs operating in the United States rose by 5 to 402 for the week ended 26th February 2021. Compared to the corresponding period in 2020, the US rig count is still down 388 rigs but the current level is the highest in around 10 months.

The US rig count is still half of where it was a year ago. Even if the oil prices go up to $70-$80 in the next couple of months it will take at least 6+ months for any additional rigs to get back online. – Aldous Huxley

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