Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ‘US drillers cut oil and gas rigs for 10th time in 11 weeks’

    ‘US drillers cut oil and gas rigs for 10th time in 11 weeks’

    July 16, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *US weekly offshore rig count.

    Houston — U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th time in 11 weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.

    The oil and gas rig count, an early indicator of future output, fell by 5 to 675 in the week to July 14. , ,

    Baker Hughes said that puts the total count down 81 rigs, or 11%, below this time last year.

    U.S. oil rigs fell 3 to 537 this week, their lowest since April 2022, while gas rigs fell 2 to 133.

    In the Permian in West Texas and eastern New Mexico, the nation’s biggest shale oil basin, drillers cut five rigs, bringing the total oil and gas countdown to 337, the lowest since May 2022, according to Baker Hughes.

    Data provider Enverus, which publishes its own rig count data, said drillers kept the number of rigs operating flat at 732 in the week ended July 12. That put the total count down about 17 rigs in the last month and down 14% year-over-year.

    U.S. oil futures were down about 6% so far this year after gaining about 7% in 2022. U.S. gas futures, meanwhile, have plunged about 44% so far this year after rising about 20% last year.

    The massive drop in gas prices has already caused some exploration and production companies, including Chesapeake Energy (CHK.O), Southwestern Energy (SWN.N) and Comstock Resources (CRK.N), to reduce production by cutting rigs – especially in the Haynesville shale in Arkansas, Louisiana and Texas.

    Analysts at East Daley Analytics, an energy research firm, said gathering and production systems owned by Energy Transfer (ET.N) and Williams Cos (WMB.N) have seen some of the largest rig count declines.

    *Scott DiSavino; Editing: Chizu Nomiyama & Jonathan Oatis – Reuters

    Follow us on twitter

    Related News

    Angola’s Block 17 partners sign license extension

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    E-book
    Resilience Exhibition

    Latest News

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025

    NSC seeks closer collaboration with Police to boost port enforcement

    June 13, 2025

    Can the African Energy Bank transform the continent’s refining and downstream future?

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.