The US drilling rig count dropped 10 units during the week ended May 29 to settle at 875 rigs working, falling below the nadir of the 2008-09 downturn by a single unit, according to data from Baker Hughes Inc. The rig count has now declined in 25 consecutive weeks, during which time it has plunged 1,045 units ( OGJ Online, Dec. 5, 2014 ). Compared with this week a year ago, the count is down 991 units. Although an uptick from the mere 3 units lost last week, the loss of 10 units represents the second-smallest decline of the 25-week period. Raymond James & Associates Inc.’s energy research team noted this week that most oil field services companies with which it speaks are saying “the bottom is in” for US drilling following last week’s rise in the US onshore count for the first time since last November. The analyst […]