U.S. energy firms in August cut the number of active oil rigs for a ninth straight month while the combined oil and natural gas rig count fell for the fourth month in a row, energy services firm Baker Hughes said in its closely followed report on August 25.
For the week to Aug. 25, the oil and gas rig count, an early indicator of future output, fell by 10 to 632, the lowest since February 2022.
Baker Hughes said that puts the total rig count down 133, or 17%, below this time last year.
U.S. oil rigs fell eight to 512 this week, their lowest since February 2022, while gas rigs slipped by two to 115, their lowest since January 2022.
In August, drillers cut 32 oil and gas rigs, their fourth monthly decline in a row.
Oil rigs dropped by 17 rigs in August, the longest streak of cuts since November 2019 when the count fell for 12 consecutive months.
Gas rigs, meanwhile, fell by 13 rigs in August, after rising by four rigs last month.
2023-09-27 - White Rock Oil & Gas LLC retained TenOaks Energy Advisors for the sale of a majority operated working interest portfolio located across five regions of the lower 48—the Permian Basin, Ark-La-Tex, Rockies, Mid-Continent and Michigan.
2023-10-11 - ConocoPhillips has retained TenOaks Energy Advisors for the sale of certain operated and non-operated properties located in the Delaware Basin.
2023-10-04 - A private seller has retained Detring Energy Advisors to market for sale of certain non-operated oil and gas interests across several basins in the Lower 48.
2023-11-01 - Winn Resources LLC retained RedOaks Energy Advisors for the sale of certain operated working interest properties in Midland County, Texas.
2023-11-29 - Longreach Alternatives (LRA) has retained Detring Energy Advisors for the sale of its operated oil and gas assets in Andrews County in the northern Midland Basin.