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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.
President Donald Trump's 25% tariffs on imports from Canada and Mexico and 10% tariffs on Chinese imports are expected to take effect as soon as today, according to the White House. Trump has said the tariffs are meant to pressure the three nations to curb illegal immigration and fentanyl trafficking into the US.
Major U.S. stock indexes ended down Friday, after the market appeared startled by confirmation by the White House that President Donald Trump planned to implement new tariffs on Canada, Mexico and China on Saturday.
The Dow Jones Industrial Average dropped 337.47 points Friday, or 0.8%, to close at 44,544.66.
The S&P 500 fell 30.64 points, or 0.5%, to finish at 6,040.53.
The Nasdaq Composite shed 54.31 points, or 0.3%, to end at 19,627.44.
For the week, the S&P 500 fell 1% while the technology-heavy Nasdaq retreated 1.6%. The Dow had a modest weekly gain of 0.3%.
The stock market had been trading up Friday morning ahead of the latest tariff developments, as investors digested an inflation reading that was in line with Wall Street’s expectations. Later in the trading session, Treasury yields rose as investors braced for new tariffs this weekend.
The yield on the 10-year Treasury note climbed 5.1 basis points Friday to 4.566%, according to Dow Jones Market Data. Nearly all the S&P 500’s sectors closed lower Friday as the Cboe Volatility Index, known as Wall Street’s fear gauge, jumped after the tariff developments.
Still, the U.S. stock market closed out January with monthly gains. The Dow rallied 4.7% this month, while the S&P 500 saw a monthly climb of 2.7% and the Nasdaq rose 1.6% in January.
Based on reports from January 30, 2025, Camino Natural Resources, a major private oil and gas producer in Oklahoma's Anadarko Basin, is seeking a potential sale that could be worth $2 billion. The company's private equity owner NGP Energy Capital Management has initiated a sales process through RBC Capital Markets. Key details:
Location: Anadarko Basin, Oklahoma
Acreage: ~135,000 net acres
Production: Operating 360 wells
Expected 2025 production: 81,000 boe/d (about half natural gas)
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