U.S. drillers cut the most oil and gas rigs in a month since June 2020 – Baker Hughes
February 27, 2023
U.S. energy firms in February cut the most oil and natural gas rigs in a month since June 2020, with the gas rig count falling to the lowest since April, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, fell seven to 753 in the week to Feb. 24.
Despite this week’s rig decline, Baker Hughes said the total count was still up 103 rigs, or 15.8%, over this time last year.
U.S. oil rigs fell seven to 600 this week, while gas rigs were unchanged at 151.
