US oil rig count falls by most in a week since June 2023, Baker Hughes says [Yahoo! Finance]
Baker Hughes Company (BKR)
Company Research
Source: Yahoo! Finance
natural gas rig count for a third consecutive week, 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, fell by seven to 583 in the week to April 11, the biggest weekly decline since June 2024. Baker Hughes said this week's decline puts the total rig count down 34 rigs, or 6% below this time last year. Baker Hughes said oil rigs fell by nine to 480 this week, while gas rigs rose by one to 97. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) on Thursday projected crude output would rise from a record 13.2 million barrels per day (bpd)
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News
- U.S. drillers cut oil and gas rigs for second time in three weeks, says Baker Hughes [BNN Bloomberg (Canada)]BNN Bloomberg
- US Drillers Add Oil Rigs As Analysts Warn of Incoming Glut [Yahoo! Finance]Yahoo! Finance
- Baker Hughes (NASDAQ:BKR) had its "neutral" rating reaffirmed by analysts at UBS Group AG.MarketBeat
- Baker Hughes (NASDAQ:BKR) had its "buy" rating reaffirmed by analysts at Citigroup Inc..MarketBeat
- North America Adds Rigs Week on Week [Yahoo! Finance]Yahoo! Finance
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