US Drillers Keep Rig Count Steady Despite Falling Oil Prices

U.S. oil rigs held at 467 this week, which was also their highest since April 2020, while gas rigs were unchanged at 102 for a fourth week in a row.

Scott DiSavino, Reuters

U.S. energy firms this week maintained the number of oil and natural gas rigs with oil prices on track to fall for a sixth week in a row.

The U.S. oil and gas rig count, an early indicator of future output, held at 569 in the week to Dec. 3, keeping at its highest since April 2020, energy services firm Baker Hughes Co. said in its closely followed report on Dec. 3.

That puts the total rig count up 246 rigs, or 76%, over this time last year.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access