Baker Hughes Reports Second Consecutive Weekly Decline in US Oil and Gas Rig Count

Deep News12-20

Energy services firm Baker Hughes stated in its closely watched report on Friday that US energy companies reduced oil and gas rig counts for the second consecutive week—marking the first such decline since August.

As an early indicator of future production, the total oil and gas rig count fell by six to 542 in the week ending December 19, the lowest level since September.

Baker Hughes reported that oil rigs dropped by eight to 406, the lowest since September 2021, while gas rigs remained unchanged at 127. Miscellaneous rigs increased by two to nine.

In the Permian Basin, the largest US shale oil-producing region spanning western Texas and eastern New Mexico, rig counts declined by three to 246—the lowest since August 2021.

The decline in US oil and gas prices over recent years has prompted energy firms to prioritize shareholder returns and debt repayment over production growth. Consequently, oil and gas rig counts fell by approximately 5% in 2024 and 20% in 2023.

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