In its weekly release, Houston-based oilfield services company Baker Hughes Inc.
BHI reported another massive fall in the U.S. rig count (number of rigs searching for oil and gas in the country).
This is the thirteenth weekly rig count decline in a row.
Weekly Summary: Rigs engaged in exploration and production in the U.S. totaled 1,192 for the week ended Mar 6, 2015. This was down by 75 from the previous week's rig count and indicates the lowest level in 5 years.
Following the latest decline, the current nationwide rig count is now well below the prior-year level of 1,792. It rose to a 22-year high in 2008, peaking at 2,031 in the weeks ending Aug 29 and Sep 12.
Rigs engaged in land operations - which fell by 75 to 1,133 - were primarily responsible for the weekly rig count plunge. Meanwhile, offshore drilling was flat at 51 rigs, while inland waters activity was also flat at 8 units
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