U.S. Plunge in Gas Drilling Means $1 Billion Lost Profit: Energy
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The U.S. shale boom is turning into a bust for companies that provide drilling services as the number of rigs seeking natural gas has fallen faster than any time in the last 24 years.
The overall U.S. onshore rig count has dropped 9 percent this year, seeing the most sustained declines since the recession-led plunge in 2009. Those declines, caused in part by the gas industry’s shift to oil production, are eating away demand for drilling services and worsening a shale-equipment glut that’s pushing down prices.