Drillers pull 31 oil rigs as rig count reaches lowest level since ‘99

2/5/2016

HOUSTON – Drillers in the U.S. pulled 31 oil-directed rigs from the field this week as the oil price slump continues to hit the industry.

According to data released Friday, the total rig count dropped 48 to 571, a figure which represents the lowest overall count since July 9, 1999, when Baker Hughes reported 570 active rigs.

The Eagle Ford took the biggest hit this week as drillers idled eight oil rigs. However, according to the Houston-based service company, the area also saw the addition of four rigs seeking gas.

The total number of rigs seeking gas fell 17 for a new total of 104.

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