- U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.
The U.S. rig count, an early indicator of future output, is higher than a year ago when 796 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year. U.S. financial services firm Cowen & Co said this week that projections from the E&P companies it tracks point to a percentage decline in the mid single digits in capital expenditures for drilling and completions in 2019 versus 2018.
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