U.S. oil rigs rose four to 627 this week, their highest since March 2020, while gas rigs fell two to 155, according to the weekly Baker Hughes rig count report.
Even though the U.S. rig count increased during most months over the past two years, weekly increases have averaged zero since the start of the pandemic in March 2020, helping keep oil production below record levels seen before the pandemic.
According to Baker Hughes, the U.S. oil rig count rose nine to 622 during the week of Nov. 11, while the gas rig count remained steady at 155.
U.S. oil rigs rose to their highest count since March 2020, while gas rigs fell to their lowest count since late July 2022, according to Baker Hughes.
Patterson-UTI plans on adding four rigs to its 132 total count in fourth-quarter 2022.
The U.S. oil and gas rig count fell three to 768 during the week of Oct. 24 but is up 41% compared to this time last year, according to Baker Hughes Co.
Even as the oil and natural gas rig count in the U.S. mostly increased over the past two years, weekly increases have been in the single digits for months and oil production remains below record levels seen before the pandemic.
While the U.S. oil rig count rose to 610 the week of Oct. 14, gas rigs fell one to 157, according to energy services firm Baker Hughes.
In the third quarter, oil and gas drillers added rigs for an eighth quarter in a row but the addition of 12 rigs was the smallest increase since September 2020.
In the third quarter, drillers added oil and gas rigs for an eighth quarter in a row but the addition of 12 rigs was the smallest increase since September 2020.