US drillers add oil/gas rigs for first time in 12 weeks, Baker Hughes says

Written by Scott Devavino

(Reuters) -The Energy Services Company, Baker Hughes, said in its close report on Friday that US energy companies added oil and natural gas platforms for the first time in 12 weeks.

The number of oil and gas panels, an early indicator of future production, has increased by seven, its largest weekly increase since December, to 544 a week until July 18.

Although the excavation increased for this week, Baker Hughes said the total number still decreased 42 platforms, or 7 % lower than this time last year.

Baker Hughes said that oil platforms decreased by two to 422 this week, which is its lowest level since September 2021, while gas platforms have risen in the ninth, the largest weekly increase since July 2023, to 117, and the most since March 2024.

In Texas, the largest case of oil and gas production, the number of drilling decreased by 2 to 253, which is the lowest since October 2021.

In the pelvic pelvis in West Texas and East New Mexico, the largest oily rock formation in the United States, the number of drilling has decreased by 2 to 263, which is the lowest since October 2021.

But in Shell Heinzville in Arkansas, Louisiana and Texas, one of the largest areas that produce gas in the country, the number of drilling increased from three to 41, which is the most since March 2024.

The number of oil and gas panels decreased by about 5 % in 2024 and 20 % in 2023, as oil and gas prices in the United States have pushed over the past two years energy companies to focus more on strengthening shareholders ’returns and paying debt instead of increasing production.

Independent exploration and production companies (E&P) said by the American Financial Services Company TD Cowen that they intend to reduce capital expenditures by about 3 % in 2025 of the levels seen in 2024.

This compares to almost flat spending on an annual basis in 2024, and increases from 27 % in 2023, 40 % in 2022 and 4 % in 2021.

Although analysts expect crude prices in the United States to decrease for the third year in a row in 2025, the expected US Energy Information Administration will end from a record of 13.2 million barrels per day in 2024 to about 13.4 million barrels per day in 2025.

On the gas side, the evaluation of the environmental impact was expected with an increase of 68 % in instant gas prices in 2025 that the producers would increase the excavation activity this year after its price decreased by 14 % in 2024 in reducing many energy companies in reducing production for the first time since Pandemed Covid-19 was reduced from the demand for fuel in 2020. [NGAS/POLL]

The expected gas output will increase to 105.9 billion cubic feet per day (BCFD) in 2025, up from 103.2 BCFD in 2024 and recorded 103.6 BCFD in 2023.

(Participated in Scott Disavinoeding reports by Marguerita Choy)