U.S. energy companies cut four oil rigs in the week ending Feb. 22, bringing the total count to 853, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.
The natural gas rig count remained unchanged at 194 rigs for the week, compared to 179 rigs a year earlier.
The U.S. rig count, an early indicator of future output, is still higher than a year ago when 799 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.
|
US oil & gas rigs |
|||||
|
Rigs |
A year ago |
Previous week |
Week ending Feb. 22 |
Week-on-week change |
YoY |
|
Oil |
799 |
857 |
853 |
(4) |
54+ |
|
Gas |
179 |
194 |
194 |
0 |
15+ |
|
Oil & Gas |
978 |
1051 |
1047 |
(4) |
69+ |
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