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U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to February 14.
Despite this week's rig increase, Baker Hughes said the total count was still down 33 rigs, or 5% below this time last year.
Baker Hughes said oil rigs rose by one to 481 this week, while gas rigs gained one to 101.
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 paying down debt and boosting shareholder returns rather than raising output.
Top oilfield services provider SLB is restructuring certain business functions and expecting more job cuts, according to a source familiar with the matter and an internal email seen by Reuters.
The United Arab Emirates is making a major financial play in the United States,...
CNBC – President Donald Trump is urging oil producers to “drill, baby, drill.” U.S. oil and...
Goldman Sachs says a drop in oil prices could significantly impact production growth outside...
In 2024, Texas’s oil and natural gas industry achieved unprecedented production milestones, reinforcing the...
As it ages, the Permian Basin is producing more water, gas, and less oil...
Iron Oak Energy Solutions LLC, a prominent proppant supplier in North America, has announced...
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A jury in North Dakota has delivered a devastating blow to Greenpeace, ordering the...
The Permian Basin, long celebrated as the crown jewel of America’s shale revolution, is...
The oil and gas industry enters the second quarter of 2025 with cautious optimism....
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