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 second week in a row -Baker Hughes

    US drillers cut oil and gas rigs for second week in a row -Baker Hughes

    July 22, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *US weekly offshore rig count

    News wire — U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes said in its closely followed report on Friday.

    The oil and gas rig count, an early indicator of future output, fell by six to 669 in the week to July 21, the lowest since March 2022.

    That was also the 11th time in the last 12 weeks that drillers cut rigs.

    U.S. oil rigs fell by seven to 530 this week, their lowest since March 2022, while gas rigs dropped by two to 131.

    Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico, the nation’s biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs. That is the lowest in both basins since April 2022.

    Data provider Enverus, which publishes its own rig count data, said drillers added five rigs in the week ended July 19, boosting the total to 733. Nevertheless, the overall count was still down about seven rigs in the last month and down 15% year-over-year.

    Baker Hughes and rivals Halliburton and SLB this week warned of weakness in U.S. shale activity as producers have kept a tight rein on spending since the 2020 downturn and due to softer oil and gas prices.

    U.S. oil futures were down about 4% so far this year after gaining about 7% in 2022. U.S. gas futures, meanwhile, have plunged about 40% so far this year after rising about 20% last year.

    U.S. shale oil and gas production will fall in August for the first time since December, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report this week.

    Reporting by Scott DiSavinoEditing by Marguerita Choy – Reuters

    Follow us on twitter

    Related News

    NEPZA, Federal Committee, Dangote Refinery FZE to crash petroleum products prices

    NNPC/First E&P JV achieves 10 million LTI-free man-hours across operations

    NCDMB, Dangote Refinery inaugurate Joint Committee to deepen local content

    E-book
    Resilience Exhibition

    Latest News

    NEPZA, Federal Committee, Dangote Refinery FZE to crash petroleum products prices

    June 26, 2025

    ‘Cross-border financial crimes draining billions from West, Central Africa’ 

    June 26, 2025

    Tariff crisis stalls Nigeria’s gas-to-power expansion

    June 26, 2025

    NNPC/First E&P JV achieves 10 million LTI-free man-hours across operations

    June 26, 2025

    NCDMB, Dangote Refinery inaugurate Joint Committee to deepen local content

    June 26, 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.