Article originally published by McKinsey & Company.By Jeremy Brown, Florian Christ, Tom Grace, and Sehrish Saud After years of high growth, the...
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(Reuters) U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by seven to 622 in the week to March 8, the lowest since Feb. 16. putting the total rig count down 124 rigs, or 16.6%, below this time last year.
Baker Hughes said U.S. oil rigs fell two to 504 this week, their lowest since Feb. 23, while gas rigs fell four to 115, their biggest drop since November.
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