Latest news with #oilrigs
Yahoo
3 days ago
- Business
- Yahoo
Oil Rig Count Falls by 4; Crude Prices Headed for Back-to-Back Weekly Drops
The number of oil rigs in the US fell by four in the week through Friday, data compiled by energy se
Reuters
4 days ago
- Business
- Reuters
US drillers cut oil and gas rigs to lowest since November 2021 -Baker Hughes
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, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. It was the lowest total since November 2021. It was the first time since September 2023 that the number of rigs had declined for five straight weeks. The 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 puts the total count down 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. For the month, the total count dropped 24, its third straight monthly decrease and the biggest monthly decline since August 2023. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023. 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, 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. 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
24-05-2025
- Business
- Yahoo
Oil Rig Count Falls by 8; Crude Prices Headed for Modest Weekly Declines
The number of oil rigs in the US dropped by eight in the week through Friday, data compiled by energ Sign in to access your portfolio
Bloomberg
11-05-2025
- Business
- Bloomberg
Trump's Thirst for Cheap Oil Irks an Industry He Loves to Praise
Terrel Hardin was at a diner along Route 66 in western Oklahoma when his phone rang with bad news: The engine on one of his oil rigs had broken. In times past it would be a straightforward $6,000 fix, but President Donald Trump's trade war has upended supply chains, and he wasn't sure the part would even be available. Tariffs and uncertainty over equipment deliveries mean what was once routine for Hardin's King Well Service Inc. is now a source of anxiety. It's made all the worse by plunging crude prices, triggered in part by the trade disputes, that threaten to slow drilling of new wells.
Reuters
09-05-2025
- Business
- Reuters
US oil and gas rig count falls to lowest since January, Baker Hughes says
May 9 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating to their lowest since January, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by six to 578 in the week to May 9. , , Baker Hughes said this week's decline puts the total rig count down 25, or 4% below this time last year. Baker Hughes said oil rigs fell by five to 474 this week, their lowest since January, while gas rigs were unchanged at 101. 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. Even though analysts forecast oil prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) this week 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. That increase in production, however, was lower than the EIA's outlook in April due to lower oil price forecasts as U.S. tariffs increase the chances of weaker global economic growth and oil demand. 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. 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. Oil and gas drilling permit applications in Texas, the top U.S. oil-producing state, hit a four-year low in April amid concerns that rising OPEC+ supplies and a trade war will continue to hit crude prices, consultancy Enverus said on Thursday. Operators in Texas submitted 570 new drilling permit applications in April, down from 795 in March and the lowest number since February 2021, according to Enverus. Shale producer Diamondback(FANG.O), opens new tab said on Monday it will drop three rigs in the second quarter, and could reduce activity further if oil prices fall more. Rival Coterra Energy(CTRA.N), opens new tab is reducing its 2025 Permian activity by three rigs, while producer Matador Resources(MTDR.N), opens new tab is dropping one drilling rig by the middle of 2025.
