Drillers re­duce ac­tive U.S. oil rigs by 1

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

HOUS­TON — Oil ex­plor­ers re­duced rigs drilling in U.S. oil­fields by one this week.

Work­ing rigs tar­get­ing crude to­taled 765, ac­cord­ing to Baker Hughes data re­ported Fri­day. Pro­duc­ers ended 23 straight weeks of ad­di­tions with a pull­back at the end of June, break­ing the longest stretch of con­tin­u­ous growth in three decades. Even so, more than twice as many rigs are drilling for oil now than in May 2016, when the count hit a low point of 316.

“It echoes what we’ve been ex­pect­ing and what ex­plor­ers and pro­duc­ers have been say­ing,” An­drew Cos­grove, se­nior an­a­lyst for en­ergy and min­ing eq­uity at Bloomberg In­tel­li­gence, said by tele­phone. “They’re di­al­ing back some of their ex­pec­ta­tions for out­put in the sec­ond half of the year.”

The Ea­gle Ford basin in Texas bucked the trend by adding three rigs for a to­tal of 70 work­ing there. The Per­mian basin was un­changed, putting an end to three weeks of ex­pan­sion.

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