Took a quick look at US Oil Rig Counts published by Baker Hughes. As of November 22, 2019 there are 671 rigs operating in the United States. Not sure how to view this. In December of 2015 there were over 1500 rigs operating. The low point was May of 2016 when the rig count was around 320. In a span of 5 months, 80% of rigs came off line.
In perspective of 2016-2019 the industry has doubled. However the YTD trend is not looking good. Starting with 877 rigs in January, with rigs reducing every week of 2019. The rigs are down nearly 25% for the year.
What's cooking and what investors are paying the price. To have 80% of rigs come off line when WTI collapsed from $100+/brl to $35 range in 2016 and nothing is said. Oil is back up to $50 range, with capacity coming off line again.
Amazing how oil losses are quiet vs something like WeWork that doesn't do anything collapses and it is all over the news and has put Softbank at risk.