U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the fourth week in a row, 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, stayed at 589 in the week to Jan. 3.
Baker Hughes said that puts the total rig count down 32 rigs, or 5% below this time last year.
Baker Hughes said oil rigs were down one rig to 482 this week, while gas rigs rose by one to 103.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower oil and gas 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.
(Reporting by Scott DiSavino; Editing by David Gregorio)