Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
The U.S. oil and natural gas rig count this week rose for a third week in a row as high prices encourage increased spending at the wellpad, boosting demand for some oilfield services companies.
The oil and gas rig count, an early indicator of future output, rose two to 758 in the week to July 22, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report on July 22.
U.S. oil rigs were steady at 599 this week, while gas rigs rose two to 155.
The world's largest oilfield service providers this week posted mixed second quarter results, with Baker Hughes warning that the demand outlook for the next 12 to 18 months was "deteriorating," while Schlumberger NV posted an upbeat outlook due to a boost in activity driven by stronger oil and gas prices.
Global crude prices hovered above $100 per barrel last quarter, fueled by tight supplies following western sanctions on Russia, a major producer, and as energy consumption returned to near pre-pandemic levels.
Halliburton Co.. predicted "multiple years" of increased activity, with spending gains in North America on track to eclipse 35%, its CEO said, adding its hydraulic fracking equipment was sold out for the rest of the year.
Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise to a record 5.445 MMbbl/d in August, according to federal data.
U.S. financial services firm Cowen & Co. said the independent E&P companies it tracks plan to boost spending by about 30% in 2022 versus 2021 after increasing spending about 4% in 2021 versus 2020.
That follows a drop in capital expenditures of roughly 48% in 2020 and 12% in 2019.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Second Time in Three Weeks
2024-02-16 - Baker Hughes said U.S. oil rigs fell two to 497 this week, while gas rigs were unchanged at 121.
US Drillers Add Oil, Gas Rigs for First Time in Three Weeks
2024-01-19 - U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks
US Gas Rig Count Falls to Lowest Since January 2022
2024-03-22 - The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
US Drillers Add Oil, Gas Rigs for Second Week in a Row
2024-01-26 - The oil and gas rig count, an early indicator of future output, rose by one to 621 in the week to Jan. 26.