U.S. oil and gas rig count remains unchanged this week, says Baker Hughes
Reuters
U.S. energy companies kept the number of active oil and natural gas rigs unchanged this week, according to energy services company Baker Hughes (BKR.O).
The oil and gas rig count, an early indicator of future output, remained at 539 in the week to August 15, News.Az reports citing Reuters.
Baker Hughes said oil rigs rose by one to 412 this week, while gas rigs fell by one to 122.
In Texas, the biggest oil and gas-producing state, the rig count fell by one to 242, the lowest since September 2021.
In Wyoming, the rig count fell by one to 13, the lowest since August 2024.
In the Permian basin in West Texas and eastern New Mexico, the biggest U.S. oil-producing shale formation, the rig count fell by one to 255, the lowest since September 2021.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.
The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 4% in 2025 from levels seen in 2024.
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