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(Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by six to 669 in the week to July 21, the lowest since March 2022. That was also the 11th time in the last 12 weeks that drillers cut rigs.
U.S. oil rigs fell by seven to 530 this week, their lowest since March 2022, while gas rigs dropped by two to 131.
Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs. That is the lowest in both basins since April 2022.
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