U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since November 2022, 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 one to 626in the week to Dec. 8, its highest since September.
Despite this week’s rig increase, Baker Hughes said the total count was still down 154, or 20%,below this time last year.
The rig count has dropped from the post-pandemic high of 784 a year ago due to lower oil and gas prices. Capital spending has also gone to cover inflation-related costs for labor and equipment as many firms focus on returning money to investors and paying down debt rather than boosting production.
U.S. oil rigs fell two to 503this week, while gas rigs rose three to 119, their highest since September, Baker Hughes said.
Data provider Enverus, which publishes its own rig count data, said drillers cut 15 rigs in the week ended Dec. 6, cutting the total to 678. That put the overall count down about 3% in the last month and down 23% year-over-year.
U.S. oil futures CLc1 were down about 12%so far this year after gaining 7% in 2022. U.S. gas futures NGc1, meanwhile, have plunged about 42%so far this year after rising about 20% last year.
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