US oil and gas rig count declined this week after two consecutive weeks of growth, falling to 755 for the week ending March 31 vs. 758 a week ago according to Baker Hughes. The Permian (-1), Haynesville (-1) and All Other Basins (-1) all posted small declines. Total US rig count is down 24 in the past 90 days, and up 82 vs. one year ago.
Despite crude production recently growing to a post-pandemic high of 12.5 MMb/d in January (Source: EIA), rig count has stagnated in the 700-750 range for most of the last 12 months. Operators have continued to feel the pressure of cost increases, supply chain challenges and crude prices languishing in the $70's.
