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U.S. energy firms this week added oil and natural gas rigs for the first time in eight weeks, energy services firm Baker Hughes BKR said in its closely followed report on Friday.
The combined oil and gas rig count, an early indicator of future output, rose by six to 582 in the week to Jan. 31.
Despite this week's rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year.
Baker Hughes said oil rigs rose by seven to 479 this week, while gas rigs fell by one to 98. That weekly rise in oil rigs was the biggest increase since February 2023.
In the Gulf of Mexico, the rig count fell by one to 11, the lowest since March 2022.
In the Haynesville shale in Arkansas, Louisiana and Texas, the rig count fell by one to 28, the lowest since January 2017.
For the month, total oil and gas rigs fell by seven, the most in a month since June, with both oil and gas rigs down by four in January.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023, as lower U.S. oil CL1! and gas NG1! prices over the past couple of years prompted energy firms to focus more on paying down debt and boosting shareholder returns rather than raising output.
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