Investing.com – U.S. energy companies cut oil and rig counts for the third straight week, hitting the lowest level since December 2021, according to a report by Energy Services Company Baker Hughes (NASDAQ:) Friday.
The number of oil and gas rigs, a preliminary indicator of future production, fell by four to 576 in the week to January 24. This week’s drop reduces the total rig count by 45, or 7% lower than the same period last year, Baker Hughes reported.
The company also reported that the number of oil rigs decreased by six to 472 this week, marking the lowest tally since December 2021. Meanwhile, the number of gas rigs saw a slight increase, increasing by one to 99.
In the Permian Basin, the largest oil-producing shale basin in the United States located in west Texas and eastern New Mexico, the rig count fell by six to 298 in the week preceding January 24. This tally is the lowest since February 2022, and the six-Rig decrease marks the largest weekly decline since August 2023.
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