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U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since July 2020, energy services firm Baker Hughes Co (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 5 to 682 in the week to June 23, the lowest since April 2022. That puts the total rig count down 71 rigs, or 9%, over this time last year.
U.S. oil rigs fell 6 to 546 this week, their lowest since April 2022, while gas rigs held steady at 130.
The rig count fell by one to 50 in the Haynesville Shale in Arkansas, Louisiana, and Texas, the lowest since January 2022, and by one to 35 in Williston in North Dakota and Montana, the lowest since April 2022, according to Baker Hughes.
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