Baker Hughes Reports 16 Straight Months of Added Oil and Gas Rigs
U.S. energy firms added oil and natural gas rigs for a record 16 consecutive months as crude prices in recent weeks rose to a seven-year high, prompting some drillers to return to the wellpad.
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Edited by Margo Ellis
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U.S. energy firms added oil and natural gas rigs for a record 16 consecutive months as crude prices in recent weeks rose to a seven-year high, prompting some drillers to return to the wellpad.
The oil and gas rig count, an early indicator of future output, rose six to 569 in the shortened week to Nov. 24, its highest since April 2020, energy services firm Baker Hughes said in its closely followed report.
That puts the total rig count up 249 rigs, or 78%, over this time last year.
Read the full AP story here.
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