Oil Rigs in U.S. at 2-Year Low as Bakken Drillers Bail

Rigs targeting U.S. oil slid to the fewest in two years as explorers retreated from North Dakota’s Bakken formation at the fastest pace since the nation’s shale boom took off.

The U.S. oil rig count dropped by 49 this week to 1,317, the lowest since Jan. 25, 2013, Baker Hughes Inc. said on its website Friday. The total count fell by 43 to 1,633. North Dakota, home of the Bakken play that doubled its crude output within two years, lost the most rigs since at least 2008 with prices under $50 a barrel.