What happened to drill, baby, drill?
US drillers cut oil and gas rigs to lowest since November 2021
May 30 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row to the lowest since November 2021, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
It was the first time since September 2023 that the number of rigs declined for five straight weeks. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. he oil and gas rig count, an early indicator of future output, fell by three to 563 in the week to May 30.
Baker Hughes said this week's decline put the total count down by 37 rigs, or 6%, from this time last year.
Baker Hughes said oil rigs fell by four to 461 this week, their lowest since November 2021. Gas rigs rose by one to 99.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale formation, drillers cut one rig, bringing the total down to 278, the lowest since November 2021. In New Mexico, drillers cut one rig, bringing the total down to 91, the lowest since December 2021.
For the month, the total count dropped by 24, its third straight monthly decrease and the biggest monthly decline since August 2023.
US drillers cut oil and gas rigs to lowest since November 2021
May 30 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row to the lowest since November 2021, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
It was the first time since September 2023 that the number of rigs declined for five straight weeks. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. he oil and gas rig count, an early indicator of future output, fell by three to 563 in the week to May 30.
Baker Hughes said this week's decline put the total count down by 37 rigs, or 6%, from this time last year.
Baker Hughes said oil rigs fell by four to 461 this week, their lowest since November 2021. Gas rigs rose by one to 99.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale formation, drillers cut one rig, bringing the total down to 278, the lowest since November 2021. In New Mexico, drillers cut one rig, bringing the total down to 91, the lowest since December 2021.
For the month, the total count dropped by 24, its third straight monthly decrease and the biggest monthly decline since August 2023.
