US drilling activity slumps to three-year low as rig count extends decline for sixth straight week

Over the last seven days, American energy companies have further reduced their oil and natural gas drilling operations. This marks the sixth consecutive week of decreased fuel production capacity in the country. According to a report by Baker Hughes, the nation’s rig count has seen its longest sustained drop since September 2023.

As of June 6, the total number of active drilling rigs in the US slumped by four, reaching 559 and hitting the low for the first time since November 2021. The count of oil rigs dropped even more sharply, falling by nine to 442, as noted by the company. Meanwhile, the number of gas platforms increased by five to 114.

The most significant cuts were observed in key production areas, including the Permian Basin, eastern New Mexico, and the Eagle Ford shale field in South Texas. Utah also experienced a notable decrease, hitting its lowest rig count since February 2022.