Baker Hughes Weekly Rig Count - May 8 2020

Since March 13, the US Land Rig Count has dropped 53%. It appears that we could be approaching a bottom for the rig count as the decline rate has slowed. Between the weeks of April 19 and May 1, the rig count was shrinking at nearly 12.5% per week. The rate has slowed to "only" 8.4% this week. Hopefully we will hit the bottom in the next month and then we can start working our way out of this hole.

Source: Baker Hughes Rig Count

Source: Baker Hughes Rig Count