According to a recent Bloomberg story: “In June 2014, the U.S. pumped 8.4 million barrels of crude using 1,545 drilling rigs. Last month, it produced about 12.2 million barrels, 45% more, with just 788 rigs.”
For the rest of the industry, this is wonderful news, but for oilfield services companies large and small, these efficiencies have caused severe overcapacity and economic pain. more with less @ fool.com
The U.S Removes 12 Oil Rigs: Oil rig count was 742, down from 754 in the week ended Aug 23. Notably, the tally has never dropped to such a level since early January 2018. In the past nine weeks, drillers lowered the tally eight times. The current total, far from the peak of 1,609 attained in October 2014, is also lower than 862 a year ago.
Severe overcapacity and economic pain?
Halliburton Cuts 8% of North American Fracking Jobs. Christopher Wright Talks About the Slowdown in Fracking