U.S. rig counts remain low as production efficiencies improve
AI Analysis
Summary
The average number of active rigs per month that are drilling for oil and natural gas in the U.S. Lower 48 states has declined steadily over the past few years from a recent peak of 750 rigs in December 2022 to 517 rigs this October. The declining rig count reflects operators' responses to declining crude oil and natural gas prices and improvements in drilling efficiencies.
The average number of active rigs per month that are drilling for oil and natural gas in the U.S. Lower 48 states has declined steadily over the past few years from a recent peak of 750 rigs in December 2022 to 517 rigs this October. The declining rig count reflects operators' responses to declining crude oil and natural gas prices and improvements in drilling efficiencies.