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Data: Baker Hughes; Chart: Axios Visuals

The combined number of active U.S. oil and natural gas drilling rigs slid again last week, per data compiled by the oilfield services firm Baker Hughes.

Why it matters: It signals the pullback in new development that will keep U.S. output below pre-pandemic levels for a long time.

  • Existing shale wells decline quickly, so the big slowdown in creating new ones is a proxy for future output, albeit a loose one.

Where it stands: The number of active oil rigs declined by four to reach 172, compared to 770 a year ago, while one gas rig was added.

Go deeper: Downturn has yet to reach bottom for drilling rig operators (Houston Chronicle)

Go deeper

Ben Geman, author of Generate
Nov 3, 2020 - Energy & Environment

Trump ramps up fossil fuel tweets ahead of Election Day

Data: Trump Twitter Archive; Chart: Naema Ahmed/Axios

Trump's tweeting habits are one sign of how much the president hopes his strong support for fossil fuels will help get him over the top today.

Why it matters: Pennsylvania, a state critical to Trump's re-election chances, is the nation's second-largest natural gas producer. And polls show Texas, which is at the top in oil and gas production, is also in play this year.

Behind GameStop's latest stock surge

Illustration: Aïda Amer/Axios

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.