US Drillers Add Oil and Gas Rigs for Fourth Week in a Row

Analysts said the industry must drill new wells going forward because the number of DUCs available was dropping fast. That drilling increase was likely already coming, at least in the nation’s biggest oil shale basin, the Permian Basin.

Scott DiSavino, Reuters

U.S. energy firms last week added oil and natural gas rigs for a fourth week in a row as the federal government seeks more production to help allies wean themselves off Russian oil and gas after Moscow invaded Ukraine on Feb. 24.

The Kremlin calls its activities in Ukraine a “special military operation.”

The oil and gas rig count, an early indicator of future output, rose four to 693 in the week to April 14, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report.

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