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Mint
2 days ago
- Business
- Mint
US oil and gas rig count holds steady this week, Baker Hughes says
Reuters Published 15 Aug 2025, 10:37 PM IST Aug 15 (Reuters) - U.S. energy firms this week held the number of oil and natural gas rigs operating steady, 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, remained at 539 in the week to August 15. Baker Hughes said oil rigs rose by one to 412 this week, while gas rigs fell by one to 122. 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. That compares with roughly flat year-over-year spending in 2024, increases of 27% in 2023, 40% in 2022, and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected a 65% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 106.4 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. (Reporting by Scott DiSavino Editing by Marguerita Choy)
Yahoo
11-07-2025
- Business
- Yahoo
US oil/gas rig count down for 11th week to lowest since 2021, Baker Hughes says
By Scott DiSavino (Reuters) -U.S. energy firms this week cut the number of oil and natural gas rigs operating for an 11th week in a row for the first time since July 2020 when the COVID-19 pandemic cut demand for the fuel, 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, fell by two to 537 in the week to July 11, the lowest since October 2021. Baker Hughes said this week's decline puts the total rig count down 47 rigs, or 8% below this time last year. Baker Hughes said oil rigs fell by one to 424 this week, their lowest since September 2021, while gas rigs were unchanged at 108. In Texas, the biggest oil and gas producing state, the rig count fell by one to 255, the lowest since November 2021. But in the Haynesville shale in Arkansas, Louisiana and Texas, one of the nation's biggest and fastest growing gas producing regions, the rig count rose by one to 38, the most since March 2024. 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 3% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected a 68% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. [NGAS/POLL] The EIA projected gas output would rise to 105.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023.
Yahoo
10-06-2025
- Business
- Yahoo
Data center demand to push US power use to record highs in 2025, '26, EIA says
By Scott DiSavino (Reuters) -Power-hungry data centers that provide computing power for artificial intelligence and crypto currency will push U.S. electricity consumption to record highs in 2025 and 2026, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected power demand will rise to 4,193 billion kilowatt hours (kWh) in 2025 and 4,283 billion kWh in 2026 from a record 4,097 billion kWh in 2024. In addition to data centers, American homes and businesses are expected to use more electricity for heat and transportation. The EIA forecast 2025 power sales will rise to 1,517 billion kWh for residential consumers, 1,474 billion kWh for commercial customers and 1,055 billion kWh for industrial customers. Those forecasts compare to all-time highs of 1,509 billion kWh for residential consumers in 2022, 1,434 billion kWh in 2024 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. The EIA said natural gas' share of power generation would slide from 42% in 2024 to 40% in 2025 and 2026. Coal's share will hold at 16% in 2025, the same as 2024, before easing to 15% in 2026, as renewable output rises. The percentage of renewable generation will rise from 23% in 2024 to 25% in 2025 and 27% in 2026, while nuclear power's share will hold at 19% in 2025, the same as 2024, before easing to 18% in 2026, according to the outlook. EIA projected gas sales in 2025 would rise to 13.1 billion cubic feet per day (bcfd) for residential consumers, 9.7 bcfd for commercial customers and 23.5 bcfd for industrial customers, but fall to 35.9 bcfd for power generation. That compares with all-time highs of 14.3 bcfd in 1996 for residential consumers, 9.6 bcfd in 2019 for commercial customers, 23.8 bcfd in 1973 for industrial customers and 36.9 bcfd in 2024 for power generation.
Yahoo
06-06-2025
- Business
- Yahoo
US oil/gas rig count falls for 6th week to 2021 lows, Baker Hughes says
By Scott DiSavino (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since September 2023, 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, fell by four to 559 in the week to June 6, the lowest since November 2021. Oil rigs fell by nine to 442 this week, while gas rigs rose by five to 114, Baker Hughes said. It said it has corrected oil and gas classifications for approximately eight to 10 rigs in the Marcellus and Utica basins, effective April 4. Total reported rig counts for all historical periods remain unchanged. Total rig counts in the Permian in West Texas and eastern New Mexico, the Eagle Ford in South Texas and in the state of Texas all fell this week to their lowest levels since November 2021. In Utah, meanwhile, the rig count fell this week to its lowest since February 2022. 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 3% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected an 88% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. [NGAS/POLL] The EIA projected gas output would rise to 104.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023.
Yahoo
06-06-2025
- Business
- Yahoo
US oil/gas rig count falls for 6th week to 2021 lows, Baker Hughes says
By Scott DiSavino (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since September 2023, 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, fell by four to 559 in the week to June 6, the lowest since November 2021. Oil rigs fell by nine to 442 this week, while gas rigs rose by five to 114, Baker Hughes said. It said it has corrected oil and gas classifications for approximately eight to 10 rigs in the Marcellus and Utica basins, effective April 4. Total reported rig counts for all historical periods remain unchanged. Total rig counts in the Permian in West Texas and eastern New Mexico, the Eagle Ford in South Texas and in the state of Texas all fell this week to their lowest levels since November 2021. In Utah, meanwhile, the rig count fell this week to its lowest since February 2022. 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 3% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected an 88% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. [NGAS/POLL] The EIA projected gas output would rise to 104.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. Sign in to access your portfolio
