It's that time again.
U.S. oil and natural gas producers' drilling activity continues to drop even as oil hovers above $53 per barrel, with Baker Hughes (BHGE) - Get Report reporting Friday, Oct. 27, the rig count fell by four this past week to 909 overall.
Oil rigs were up one to 737 week over week, while gas rigs dropped by five to 172 as natural gas prices hit new lows due to unseasonably warm weather in recent weeks.
Last week, oilfield services behemoth Schlumberger Ltd. (SLB) - Get Report said North American shale drilling is still strong, but warned that investment in the U.S. region is moderating. Meanwhile, the world's largest energy companies Exxon Mobil Corp. (XOM) - Get Report and Chevron Corp. (CVX) - Get Report both suffered on the stock market Friday despite reporting earnings that beat expectations.
Compared to this time last year when it stood at 557, the U.S. rig count is up 352 units, as oil rigs are up by 296, gas rigs are up 58 and miscellaneous rigs are down two to zero, Baker Hughes reported.
Meanwhile, the U.S. offshore rig count held steady at 20 last week and is down two rigs year over year.
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