In its latest rig count overview, Baker Hughes said the count at the end of May in the U.S. was 875, down 991 or 53% from 1,866 a year earlier.

Horizontal, Vertical and Directional counts of 674, 111 and 90, respectively were down from 1,251, 403 and 212 for the same week in May 2014.

The Baker Hughes Rig Counts are a business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

To view the full Baker Hughes Rig Count Overview, click here.