• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Oil Market Data
    • Canada NG Market Data
    • USA Market Data
    • Data Downloads
  • Jobs

U.S. drillers add oil and gas rigs for fifth week in a row

December 23, 202011:02 AM Reuters0 Comments

Alberta drilling rig
Alberta drilling rig
U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row as higher energy prices prompt producers to keep returning to the wellpad in recent months.

The oil and gas rig count, an early indicator of future output, rose 2 to 348 in the week to Dec. 23, energy services firm Baker Hughes Co said in its closely followed report on Wednesday.

The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back to 1940.

Baker Hughes released its North American rig count report two days earlier than usual due to the Christmas holiday on Friday.

U.S. oil rigs rose to 264 this week, their highest since mid-May, while gas rigs rose to 83, their highest since the end of April, according to Baker Hughes data.

U.S. crude traded around $48 a barrel this week.

Even though the oil contract was down about 22% since the start of the year, it was still up about 170% over the past eight months on hopes global economies and energy demand will return as more governments relax coronavirus lockdowns.

Analysts said those higher oil prices have encouraged several energy firms to drill more.

Looking forward, most energy firms have said they plan to cut spending in 2020 and 2021 as they continue to focus on improving earnings rather than just boosting output.29dk2902l

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • U.S. Gulf Coast crude oil exports to touch record high this quarter
  • G7 seeks to curb Russian oil income through price cap
  • U.S. natgas futures slip 2% to fresh 11-week low on rising output
  • New campaign urges G7 leaders to address energy crisis by telling Canada to step up and develop our resources
  • Prairie Provident announces new board member

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

    Report Error





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2022 Grobes Media Inc.