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Rig count up 17 to highest total since October 2015

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The number of U.S. rigs exploring for oil and natural gas increased by 17 this week to 729.

The entire increase was in oil rigs, as the number of gas rigs remained flat at 145.

The gain in the oil rig count brought the total to 583, the most oil rigs at work since October 2015, oilfield services firm Baker Hughes Inc. said Friday in its weekly report.

Oil companies have dispatched 325 new oil and gas rigs to U.S. fields since May, starting to reverse the drop in drilling that occurred in during the two-year oil bust. The rig count fell from a peak of more than 1,931 in 2014 down to 404 last summer.

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Written by Longview News-Journal at News-Journal.com

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