The US Drilling and Completion Activity Is Reaching a Bottom

The total US rig count hit a recent peak of 784 rigs on December 2nd of last year, but by August 11th, they've fallen by 130 rigs to 654 or down 17%. The decline for gas rigs is even bigger. And even oil rigs are falling. In terms of US operating basins, the Hanesville is easily the biggest decline on both an absolute and percentage basis. But most oil field service and contract drilling companies opine that they believe the rig count should bottom relatively soon.