More With Less
The US oil sector is recovering but facing challenges, with a focus on oil rig counts as an indicator of industry health. The rig count has declined since 2014 and experienced a further decrease in 2023. Factors such as inflation, labour shortages, and oil demand uncertainties contribute to the decline. Shale producers are prioritizing cost reduction, M&A activities, and shareholder value through share buybacks and dividends, potentially impacting rig numbers.
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Source: Xinde Marine
