The oil and gas rig count rose by eight in the week to Sept. 13 to 590, returning to mid-June levels. The increase was the biggest since the week to Sept. 15, 2023.
Patterson-UTI’s monthly announcements represent the company’s average number of revenue-earning drilling rigs in the U.S.
The oil and gas rig count fell by one to 582 in the week to Sept. 6, the lowest since June.
The rig count is 8% below this time last year, according to Baker Hughes.
The oil and gas rig count fell by one to 585 in the week to Aug. 23. Baker Hughes said that puts the total rig count down 47, or 7% below this time last year.
Liberty Energy CEO Chris Wright said the company is investing in keeping its frac fleet steady as most competitors weather a downturn in oil and gas activity.
The oil and gas rig count fell by two to 586 in the week to Aug. 16.
The oil and gas rig count rose by two to 588 in the week to Aug. 9. Despite this week's rig increase, Baker Hughes said the total count was still down 66 rigs, or 10% below this time last year.
As operational efficiencies give E&Ps the ability to produce more oil with fewer rigs, Texas employment in the oil patch has fallen five out of the first six months of 2024.
The oil and gas rig count, an early indicator of future output, fell by three to 586 in the week to Aug. 2. Baker Hughes said that puts the total rig count down 73, or 11%, below this time last year.