Oil Rigs Count Rebounding, Shale Boom Resilience

For the first time in almost seven months, America’s shale drillers put rigs in oil fields back to work, and they’re doing it at a lower price.

The sudden rebound in the U.S. oil rig count is a testament to how resilient U.S. shale has become as it battles against OPEC for market share. Spurred by last year’s collapse in prices, shale explorers have been able to bring down their breakeven costs by $15 to $20 a barrel, a Bloomberg New Energy Finance analysis shows.

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