One for the record books ///

This year’s financial losses suffered by U.S. producers and service providers have given significant pause to activity. Early this year, when oil prices tanked, operators were quick to slash drilling plans. With breathtaking speed, over just seven weeks, the Baker Hughes Rotary Rig Count plummeted roughly 25%, from 664 units on Jan. 8, to 502 on Feb. 26. Then, over an additional 12 weeks, the count continued to free-fall, losing another 98 rigs, to finally hit its all-time low of 404 on May 20.

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