U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since February, energy services firm Baker Hughes said in its
U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since February, energy services firm Baker Hughes said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, rose by three to 542 in the week to September 19, its highest since July. Despite this week's rig increase, Baker Hughes said the total count was still down 46 rigs, or 8% below this time last year. Baker Hughes said oil rigs rose by two to 418 this week, their highest since July, while gas rigs held steady at 118.
In the Denver-Julesburg (DJ)-Niobrara shale in Colorado, Wyoming, Nebraska and Kansas, drillers added two rigs this week, boosting the count to 11, the highest since April 2024.
In Colorado, meanwhile, drillers added two rigs this week, boosting the count to 14, the most since August 2024.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil CLc1 and gas NGc1 prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt
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