US Oil Drillers Add Fewest Rigs In Quarter Since 2017

U.S. energy companies cut oil rigs for a second consecutive week as new drilling stalled in the third quarter with the fewest additions in a quarter since 2017 due to pipeline constraints in the nation’s largest oil field.

Drillers cut three oil rigs in the week to Sept. 28, bringing the total count down to 863, said Baker Hughes Inc. (NYSE: BHGE), the energy services firm of General Electric Co. (NYSE: GE), in its closely followed report on Sept. 28.

For the third quarter, the increase of five oil rigs was the smallest since drillers cut three rigs in the fourth quarter of 2017. They added 50 rigs in the first quarter and 61 rigs in the second quarter of 2018.