1343 ET - The number of rigs drilling for oil in the U.S. was steady this week at 433 following seven straight weeks of increases, Baker Hughes reports. The recent increase in drilling in the Permian basin has been led by private companies, which are quicker and more likely to respond to rising oil prices than publicly held companies, East Daley Analytics says in a note. Public exploration and production companies "are sensitive to shareholder pressure, so their activity is more influenced by capital discipline and long-term development plans." At the same time, private producers are also more likely to pull back when oil prices weaken, the energy intelligence firm adds. Natural gas-directed rigs increased by one this week to 122, according to Baker Hughes.(anthony.harrup@wsj.com)
(END) Dow Jones Newswires
June 18, 2026 13:43 ET (17:43 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments