Oil Patch Cuts More Drilling as Rig Owner Sees Attitude Shift

Oil rigs stand in the Permian Basin area of Odessa, Texas.
Photographer: Sergio Flores/Bloomberg

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By David Wethe

April 26, 2019 at 5:02 PM UTC

This article is for subscribers only.

Oil explorers idled rigs in the U.S. for a second consecutive week as operators shifted focus from production growth to cash flow.

Working oil rigs fell by 20 this week to 805, according to data released Friday by oilfield-services provider Baker Hughes. Companies have boosted activity just twice in the past 10 weeks.