US Drillers Add Oil and Gas Rigs for Record 24th Month: Baker Hughes

In July, the oil rig count in the U.S. rose 11, increasing for a record 23rd month in a row, while the gas count was unchanged after rising for 10 straight months, according to Baker Hughes.

Scott DiSavino, Reuters

U.S. energy firms this week added oil and natural gas rigs for a record 24 months in a row as oil majors post blowout earnings on surging crude and gas prices.

The oil and gas rig count, an early indicator of future output, rose nine to 767 in the week to July 29, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report.

Baker Hughes said that puts the total rig count up 279, or 57%, over this time last year.

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