Us Oil/Gas Rig Count Falls for 4th Month to Oct 2021 low, Baker Hughes Says

June 27 (Reuters) – Us energy firms cut the number of oil and natural gas rigs operating for a fourth month in a row to the lowest since October 2021, Energy services firm bakers Followed report on Friday.

The oil and gas Rig count, an early indicator of future output, fell by Seven to 547 in the week to June 27.

Baker Hughes Said Oil Rigs Fell by Six to 432 This week, also their lowest since October 2021, which gas Rigs decreased by two to 109.

In June, drillers cut 16 oil and gas rigs, putting the total country for a fourth month in a row for the first time since June 2024.

The oil and gas Rig count declined by about 5% in 2024 and 20% in 2023 as lower us oil and gas prices over the past couple of years prompted energy firms to focus to focus more on boosting share Rather than increase output.

The independent exploration and production (E & p) Companies Tracked by Us Financial Services Firm TD COWEN SAID ARAI Planned to Cut Capital Expenditures by Around 3% in 2025 from LEVENS CHEEN in 2024.

That compares with roughly flat year-over-year spending in 2024, and increasing 27% in 2023, 40% in 2022 and 4% in 2021.

Even Thought Analysts Forecast Us Spot Crude Price Today for a Third Year in a Row in 2025, The US Energy Information Administration (eia) Projected Crude CRUDE OTEPUT WOROM A RECORON Million Barrels per day (BPD) in 2024 to Around 13.4 Million BPD in 2025.

On the gas side, the eia projected an 84% Increase in Spot Gas

Price in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time the covid-13 For the Fuel in 2020.

The eia projected gas output would risk to 105.9 billion Cubic Feet Per Day (BCFD) in 2025, UP from 103.2 BCFD in 2024 and A Record 103.6 BCFD in 2023. Marguerita choy)