U.S. drillers add three oil and gas rigs amid slow growth -Baker Hughes

U.S. energy firms last week added oil and natural gas rigs for a second week in a row but growth in the rig count remains slow as drillers continue to return cash to shareholders from high crude prices rather than boost production.

The oil and gas rig count, an early indicator of future output, rose three to 673 in the week to April 1, 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 243 rigs, or 57%, over this time last year.

U.S. oil rigs rose two to 533 this week, their highest since April 2020, while gas rigs rose one to 138, their highest since October 2019.

U.S. drillers add three oil and gas rigs amid slow growth -Baker Hughes