US Drillers Add Oil, Gas Rigs for Record 19th Month

U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row, which Baker Hughes said puts the total rig count up 248 rigs, or 62%, over this time last year.

Reuters

U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row, with the rig count rising for a record 19th month in a row, as crude prices soared beyond $100/bbl for the first time since 2014.

The oil and gas rig count, an early indicator of future output, rose five to 650 in the week to Feb. 25, its highest since April 2020, energy services firm Baker Hughes Co. said in its closely followed report.

Baker Hughes said that puts the total rig count up 248 rigs, or 62%, over this time last year.

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