US DRILLERS CUT OIL AND GAS RIGS FOR THIRD WEEK IN A ROW
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes said on Friday. The oil and gas rig count, an early indicator of future output, fell by 2 to 585 in the week to Oct. 4. , , Baker Hughes said that puts the total rig count down 34 rigs, or 5.5%, below this time last year.
Baker Hughes said oil rigs fell by 5 to 479 this week, their lowest since July 19, while gas rigs rose by 3 to 102, their highest since July 19. The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021. The count is down this year due to a decline in oil and gas prices, higher labor and equipment costs from soaring inflation and as companies focused on paying down debt and boosting shareholder returns instead of raising output.
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