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US oil drillers idle the most rigs in two years as crude sinks

Published Tue, Dec 30, 2014 · 09:50 PM

New York

OIL drillers in the US, facing the lowest crude prices in five years and rising competition from suppliers abroad, idled the most rigs since 2012.

Rigs targeting oil declined by 37 to 1,499 in the week ended Dec 26, the lowest since April, Baker Hughes Inc said on its website on Monday, extending the three-week decline to 76. Those drilling for natural gas increased by two to 340, the Houston-based field services company said. The total rig count, which includes one miscellaneous rig, dropped 35 to 1,840, also an eight-month low.

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Companies & Markets

Companies & Markets

US oil drillers idle the most rigs in two years as crude sinks

Companies & Markets

Air China to buy 100 locally made C919 jets in US$11 billion deal

HCA beats first-quarter profit estimates on higher patient admissions

F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years

LMIRT Q1 net property income dips 3.1% to S$30 million on higher expenses

Exxon misses on Q1 profit despite big gains in Guyana

US FDA approves Pfizer’s gene therapy for rare bleeding disorder

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