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US active onshore rig count declined over the course of 2023 as a warmer-than-expected winter led to lower natural gas prices and a reduced appetite for drilling. However, there should be no significant additional decreases in the rig count in 2024, compared with Q4 2023 levels. After hitting 651 rigs in Q4 2023, the US onshore market is forecast to reach 676 rigs in Q4 2024, a 4% increase exit-to-exit.

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