U.S. drillers add oil and gas rigs for seventh week in a row -Baker Hughes [Financial Post (Toronto, Ontario, Canada)]
Baker Hughes Company (BKR)
Company Research
Source: Financial Post
Advertisement The oil and gas rig count, an early indicator of future output, rose seven to 705 in the week to May 6, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total rig count up 257, or 57%, over this time last year. U.S. oil rigs rose five to 557 this week, their highest since April 2020, while gas rigs gained two to 146, their highest since September 2019. Since Moscow invaded Ukraine on Feb. 24, the U.S. government has urged drillers to produce more oil and gas to reduce domestic prices and help allies break their dependence on Russia energy. Even though the rig count has climbed for a record 21 months in a row through April, weekly increases have mostly been in single digits and oil production is still far below pre-pandemic record levels. U.S. crude production, which hit a record 12.3 million barrels per day (bpd) in 2019, was set to rise from 11.2 million bpd in 2021 to
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