US Drillers Add Three Oil and Gas Rigs Amid Slow Growth

In its latest report, Baker Hughes said U.S. energy firms added oil and natural gas rigs for a second week in a row but growth in the rig count remains slow.

Scott DiSavino, Reuters

U.S. energy firms last week added oil and natural gas rigs for a second week in a row but growth in the rig count remains slow as drillers continue to return cash to shareholders from high crude prices rather than boost production.

The oil and gas rig count, an early indicator of future output, rose three to 673 in the week to April 1, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report on April 1. 

Baker Hughes said that puts the total rig count up 243 rigs, or 57%, over this time last year.

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