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U.S. drillers add oil and gas rigs for a record 19th month – Baker Hughes

Mar 4, 2022

U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row, with the rig count rising for a record 19th month in a row, as crude prices soared beyond $100 a barrel for the first time since 2014.

The oil and gas rig count, an early indicator of future output, rose five to 650 in the week to Feb. 25, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI

Baker Hughes said that puts the total rig count up 248 rigs, or 62%, over this time last year.

In February, the total oil and gas rig count rose by 40, putting the count up for a record 19th month in a row.

Oil rigs rose by 27 in the month, increasing for an 18th consecutive month, and gas rigs were up 12 in the month, growing for a sixth straight month.

U.S. drillers add oil and gas rigs for a record 19th month – Baker Hughes