US land rig count to bottom in late summer: Wood Mackenzie

Houston -- Wood Mackenzie expects a continued decline in rig utilization through Q1 and Q2 of 2015, with a levelling off by August at approximately 1,000 units. January alone saw a decline in count by nearly 200 rigs to 1,616, down from a peak of 1,859 in November 2014. The pace of land rigs being idled continues to accelerate, with the first two weeks in February seeing a further 200 rigs coming off contract. More »