Shale Drilling Is on a Roll as OPEC Cuts Keep Oil Above $50
- Rigs targeting oil in the U.S. rose by 6 to 597: Baker Hughes
- Drillers have added 281 rigs since May 2016, 72 this year
Workers connect drill bits and drill collars, used to extract natural petroleum, outside of Midland, Texas, on Dec. 12, 2014.
Photographer: Brittany Sowacke/BloombergThis article is for subscribers only.
Shale wildcatters pushed ahead on the biggest surge in U.S. oil drilling since 2012 as the explorers take advantage of prices above $50 for more than two months.
Rigs targeting crude in the U.S. rose by 6 to 597 this week, the highest total since October 2015, according to Baker Hughes Inc. data reported Friday. Drillers have added 72 rigs since 2017 began, the best start in five years. The expansion is spreading in Texas and Oklahoma, with the Granite Wash play leading the increase this time around.