In its latest report, Baker Hughes said the total count of oil and natural gas rigs in the U.S. is up 261 rigs, or 65%, over this time last year.
U.S. oil rigs fell three to 519 in the week to March 4, their first weekly decline since January, energy services firm Baker Hughes Co. reported.
U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row, which Baker Hughes said puts the total rig count up 248 rigs, or 62%, over this time last year.
U.S. oil rigs rose by 22 to total 635 this week, its biggest hike since February 2018.
Even though the rig count has climbed for a record 18 months in a row, the weekly increases have mostly been in single digits and oil production is still far from pre-pandemic record levels.
Even though the rig count has climbed for a record 18 months in a row, analysts noted oil and gas production in the U.S. slipped in 2021.
U.S. oil rigs fell by one to 491 this week, while gas rigs rose four to 113, their highest since January 2020, according to the closely followed Baker Hughes report.
U.S. oil rigs rose 11 to 492 this week, their highest since April 2020, while gas rigs rose two to 109, their highest since March 2020.