Baker Hughes: US Adds Most Oil Rigs In Four Years

The count of active drilling rigs in the U.S. surged by 22 to 635, 60% above year-ago levels, according to the latest weekly survey from Baker Hughes.

U.S. crude oil rigs jumped by 19 to 516 while gas rigs gained 2 to 118, with one rig unspecified; rigs targeting oil in the Permian Basin added 7 to 301, with 5 more rigs in the Eagle Ford bringing the total to 47. The rise in the overall count in the biggest weekly increase since February 2018, according to Reuters; the oil rig count is now at its highest since April 2020, while gas rigs are at their best level since January 2020.

US energy firms this week added the most oil rigs in four years as crude prices held near their highest since 2014, prompting drillers to seek more profit.

The number of rigs drilling for natural gas in the United States rose by 2 this week to 118, data from oil services firm Baker Hughes showed on Friday.

Horizontal rigs; the type most often used to extract oil or gas from shale, rose by 19 to 574. Oil rigs rose by 19 to 516.