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U.S. Oil & Gas Production Takes a Hit as Rig Counts Drop to Record Low
Industry Segment: Production | Word Count: 680 Words
SUGAR LAND--May 21, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Last Friday, Baker Hughes Company (NYSE:BKR) (Houston, Texas) reported that the number of rigs drilling for oil and gas in the U.S. had fallen to the lowest number in the company's history of keeping count, which dates back to 1940. According to the U.S. Energy Information Administration (EIA), changes in the number of oil rigs generally follow changes in oil prices with a lag time of about four months. However, the recent decline in oil prices and demand due to the COVID-19 pandemic has been much more rapid. In addition, more midstream production projects, such as those involving natural gas liquids fractionation, have been delayed because of the virus. Industrial Info is tracking nearly $25 billion in U.S. Production Industry projects that have been delayed, placed on hold or otherwise affected by the virus.
Companies featured: Royal Dutch Shell (NYSE:RDS.A), ONEOK Incorporated (NYSE:OKE), DCP Midstream Partners LP (NYSE:DCP), Enterprise Products Partners LP (NYSE:EPD)
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