Foreign news on September 8, energy services company Baker Hughes Co. said in its closely watched report on Friday that U.S. energy companies increased the number of oil rigs this week for the first time since June. Reduce the number of natural gas rigs.
Data show that the number of oil and natural gas rigs, a leading indicator of future production, increased by one to 632 in the week ended September 8.
Despite the increase in the number of rigs that week, Baker Hughes said that compared with the same period last year, the total number of rigs was still 127 lower, a decrease of 17%.
This week, the number of U.S. oil rigs increased by one to 513, while the number of natural gas rigs decreased by one to 113, the lowest level since January 2022.
Oil and natural gas prices soared after the Ukraine-Russia conflict broke out last year, with the number of U.S. rigs climbing to 784 by November 2022, but since then, as prices fell earlier this year, the U.S. rig count has fallen by about 19%.
The chief executive of oilfield services company Patterson-UTI said this week he expects the U.S. oil and gas rig count to return to more than 700 by the end of next year as high energy prices drive drilling activity.
U.S. oil futures are up about 9% so far this year and will rise about 7% in 2022. Meanwhile, U.S. natural gas futures prices are down about 42% so far this year after rising about 20% last year.
Rising oil prices have brought U.S. crude production back on track this year, hitting a high since the COVID-19 pandemic, while natural gas production is expected to reach a new high in 2023 despite a sharp drop in prices.
The increase in natural gas production is primarily due to increased interest in oil drilling in shale basins that also produce large amounts of associated gas, such as the Permian Basin in western Texas and eastern New Mexico.
Chevron said this week it plans to increase capital expenditures in the Permian Basin by 25% in 2024 from annual guidance, aiming to achieve record growth with a lower rig count in the largest U.S. oil field. Yield.
The second-largest U.S. oil producer expects the basin to have an average of 13 to 14 company-operated rigs by 2024, up from 2022 but below previous expectations.
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