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U.S. energy firms this month cut the most oil and natural gas operating since August, even as the rig count remained unchanged this week, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, held steady at 600 in the week to May 31, 96 rigs, or 14%, below this time last year.
Oil rigs fell by one to 496, while gas rigs rose by one to 100.
In May, the total number of oil and gas rigs fell for the third month in a row, dropping by 13, the most in a month since August.
The number of oil rigs active in May fell by 10, its first monthly decline since January and the biggest monthly cut since September.
The number of gas rigs operating in May declined by five, the first time it has fallen in three months since July 2020.
By Adam Smeltz | UNIVERSITY PARK, Pa. – Oil produced from shale reservoirs drove...
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By Andreas Exarheas | RigZone.com |The U.S. Energy Information Administration (EIA) cut its West...
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˃ Financing from the six largest Wall Street banks for oil, gas, and coal...
Mergers and acquisitions in the U.S. oil and gas sector surged in 2024, more...
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