U.S. oil & gas rig quarterly growth slowest in two years -Baker Hughes [Reuters]
Baker Hughes Company (BKR)
Company Research
Source: Reuters
(Reuters) - U.S. energy firms this week added oil and natural gas rigs for a third week in a row, but growth in the third quarter slowed due to recession fears and nagging supply shortages. The oil and gas rig count, an early indicator of future output, rose one to 765 in the week to Sept. 30, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total rig count up 237, or 45%, over this time last year. U.S. oil rigs rose two to 604 this week, while gas rigs fell one to 159. For the month, drillers kept the number of rigs unchanged after cutting them in August. In the third quarter, drillers added rigs for an eighth quarter in a row but the addition of 12 rigs was the smallest increase since September 2020. Production has been rising but slowly with latest government monthly data showing crude production rose 0.1% to 11.8 million barrels per day in July, its highest since April 2020, while gas output grew by 0.1
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