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• U.S. Drillers Add Oil, Gas Rigs for First Time in Three Weeks
  U.S. energy firms this week added oil and natural gas...

  U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Oct. 17.

  
  

  The total oil and gas rig count, an early indicator of future output, rose by one to 548 in the week to Oct. 17.

  
  

  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 held steady at 418 this week, while gas rigs rose by one to 121, their highest since August.

  
  

  In the Gulf of Mexico, Baker Hughes said the rig count fell by two this week to eight, the lowest since September 2021.

  
  

  In Texas, the biggest oil and gas-producing state, the rig count dropped by one to 237, the lowest since September 2021.

  
  

  In Wyoming, the rig count fell by one to 12, the lowest since August 2024.

  
  

  In Colorado, meanwhile, the rig count rose by one to 15, the highest since April 2024. Oklahoma gained two rigs to 42.

  
  

  The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.

  
  

  Around 20 independent exploration and production companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by about 4% in 2025 from 2024 levels.

  
  

  That compares with roughly flat year-over-year spending in 2024, increases of 27% in 2023, 40% in 2022, and 4% in 2021.

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• ☕️What Else is Brewing Saturday Morning
  John Bolton pleaded not guilty to mishandling classified information. Bolton—who...
  John Bolton pleaded not guilty to mishandling classified information. Bolton—who served as a national security advisor during President Trump’s first term before becoming one of his most vocal critics—appeared in court yesterday to plead not guilty to the government’s case accusing him of emailing classified information to his family and keeping sensitive documents in his home.
  
  The US took into custody two survivors from an attack on a boat it claims was transporting drugs off the coast of Venezuela.
  
  President Trump said his threatened additional 100% tariff on goods from China is “not sustainable,” and indicated that he still plans to meet with his Chinese counterpart, Xi Jinping, later this month.
  
  Former Rep. George Santos had his prison sentence commuted by President Trump. The Republican ex-lawmaker, who made headlines for telling lies, had been serving a more than seven-year sentence for financial crimes.
  
  Salesforce CEO Marc Benioff apologized yesterday following backlash to his remarks that President Trump should send the National Guard to San Francisco. The day before, VC giant Ron Conway resigned from the charitable Salesforce Foundation’s board over the comments.
  
  Tesla shareholders were urged to reject Elon Musk’s $1 trillion pay package by advisory firm ISS.
  
  Apple TV will be the place to watch cars go fast after Apple inked a five-year broadcast rights deal with F1. CNBC reports that Apple will pay $140 million per year.
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• DAILY OIL PRICE: October 17, 2025
  Crude Oil: 57.54   (+0.08)....
  
  
  • Crude Oil: 57.54   (+0.08).
  
  
  • Nymex MTD AVG: 59.7695.
  
  
  • Natural Gas: 3.008   (+0.070).
  
  
  • Gasoline: 1.8377   (+0.0260).
  
  
  • Spreads: November/December (+0.39)     December/January (+0.03).
  
  
  • Plains WTI Posting: 54.02   (+0.08).
  
  

  
  Source: Odessa American
  
  
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• U.S. stocks end higher
  U.S. stocks closed higher Friday, with all three major benchmarks booking weekly gains...

  U.S. stocks closed higher Friday, with all three major benchmarks booking weekly gains as investors shook off concerns about credit losses at regional banks and trade tensions.

  
  

  The Dow Jones Industrial Average increased 0.5%, while the S&P 500 gained 0.5% and the technology-heavy Nasdaq Composite climbed 0.5%, according to preliminary data from FactSet.

  
  

  For the week, the Dow rose 1.6%, the S&P 500 advanced 1.7%, and the Nasdaq gained 2.1%, according to preliminary data.

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• West Virginia Creates Well Plugging Fund
  West Virginia unveiled the ...

  West Virginia unveiled the Mountain State Plugging Fund on Thursday to retire roughly 20,000 old oil and gas wells over the coming decades. The privately financed fund aims to prevent groundwater contamination and methane leaks at no taxpayer cost.

  
  

  Diversified Energy will contribute $70 million over 20 years, projected to grow to $650 million through returns. The company agreed to retire at least 1,500 wells initially, then 250 annually. Costs range from $25,000 to over $50,000 per well. See well decommissioning practices training.

  
  

  Officials believe this is the first business-funded cleanup fund of its kind. Millions of abandoned wells nationwide leak methane and pollutants, with thousands orphaned by defunct companies.

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