U.S. energy firms this week added oil and natural gas rigs for a second week in a row even as the rig count was on track to fall for a second consecutive month as supply chain disruptions and inflation continue to roil production.
The oil and gas rig count, an early indicator of future output, rose one to 764 in the week to Sept. 23, energy services firm Baker Hughes Co. said in its closely followed report.
Baker Hughes said that puts the total rig count up 243, or 47%, over this time last year.
U.S. oil rigs rose three to 602 this week, while gas rigs fell two to 160.
The total rig count fell in August and was on track to fall again in September after rising for a record 24 months in a row.
Participants attending a Barclays conference this month anticipate oilfield inflation to remain a problem, with 68% surveyed in a poll suggesting costs will jump by 10% to 20% in 2023.
Slightly over half of survey respondents said they expect U.S. oil output to grow by 500,000 bbl/d to 700,000 bbl/d between the fourth quarter of this year and next.
That compares with government’s forecast for a rise of about 800,000 bbl/d to 12.6 million bbl/d in 2023 from 11.8 million bbl/d this year.
2022-12-09 - The annual supplier recognition award is based on performance, service quality and responsiveness.
2022-12-09 - Chevron’s Permian spending represents over $4 billion, “remaining by far the most important asset in Chevron’s portfolio,” an analyst said.
2022-12-09 - Cary Marshall will succeed CFO Brian Cantrell as he moves into retirement in early 2023.
2022-12-09 - Today's featured Forty Under 40 honoree is Riki Meier, who serves as director of operations at Cornerstone Acquisition & Management Co. in San Diego, Calif.
2022-12-08 - Exxon Mobil is also expanding its share program to $50 billion through 2024 from its previous $30 billion goal.