U. S. rig count drops below 600, a post-1940 low

Journal Article · Mon Jun 22 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:5051720

This paper reports that the Baker Hughes Inc. count of active U.S. rotary rigs as of June 12 fell to less than 600 the first time since that tally began in 1940. The previous modern record low was set at 610 the previous week. Baker Hughes reported about 1,400 rigs idle in the U.S. last week. Using a different criteria, the Smith International count of U.S. active rigs fell seven units to 653 the week ended June 12, compared with a count of 910 the previous year. Baker Hughes predecessor Hughes Tool Co. began keeping monthly records of active U.S. rigs in January 1940. The lowest monthly count that year was 857. It changed to a weekly count in January 1949. The milestone was met wit calls for relief for the U.S. upstream sector from industry and government officials in Washington.

• OSTI ID: 5051720
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:25; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

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