U.S. energy firms this week increased the number of oil rigs operating for the first time in three weeks even as crude output decelerates with the rig count dropping five months in a row due to spending cuts.
Source: www.reuters.com
In the week to May 3, U.S. energy companies added two oil rigs, bringing the total count to 807, as per energy services firm, Baker Hughes. These results were lower than the 834 rigs active this time last year. The addition is the first in three weeks and comes even as crude output decelerates with the rig count dropping five months in a row due to spending cuts by independent exploration and production companies. However, major oil companies like Exxon Mobil Corp and Chevron Corp are boosting their presence, particularly in the Permian, the largest U.S. shale oil field. Year-to-date, the total number of oil and gas rigs active in the U.S. has averaged 1,034, on track to be the highest since 2014, which averaged 1,862 rigs.
