U.S. oil and gas rig count dips again

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U.S. oil and gas rig count dips again

The U.S. oil and gas rig count dipped by just one this week, a small decline ahead of the holidays, a time when exploration and production companies typically wind down activity.

The total number of operating oil and gas rigs is 802, according to the Baker Hughes rig count, 274 fewer rigs than the same week a year ago.
Texas, which has more than half of the rigs in the nation, lost one net rig this week.

The number of active oil and gas rigs in the U.S. has been falling through 2019 as companies have pulled rigs from operation due to a slowing global economy that have kept oil prices in a slump. At the same time, investors have lost patience with the shale industry, known for overspending, and have pulled back financial support.

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