Oilfield service companies and drilling contractors face a mountain of debt and are challenged to be able to wait out the downturn. With oil prices hovering in the mid-$40 range in early September, the oil industry is sputtering toward a recovery. The Baker Hughes U.S. rig count reached 497 for the week ending Sept. 2. The rig count topped 500 rigs for the week ending Sept. 9 at 508 rigs. The last time the rig count was above 500 units was the week ending Feb. 26 when it was 502 rigs.
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