Permian Oil Drilling Rig Tally Rises for 3 Consecutive Weeks
In its weekly release, Baker Hughes Company BKR reported an increase in the U.S. rig count.
More on the Rig Count
Baker Hughes’ data, issued at the end of every week since 1944, help energy service providers gauge the overall business environment of the oil and gas industry.
A change in the Houston-based oilfield service player’s rotary rig count impacts demand for energy services like drilling completion and production, provided by the likes of Halliburton Company HAL, Schlumberger Limited SLB and Transocean Ltd. RIG.
Details
Total US Rig Count Increases: The count of rigs engaged in the exploration and production of oil and natural gas in the United States was 455 for the week through May 21compared with the prior-week figure of 453. The latest tally marked the highest count since April 2020. Moreover, the count has increased for four consecutive weeks. Notably, the current national rig count is above the year-ago level of 318.