The US oil and gas rig count rose by eight to 448 in the week ending May 7, its highest since April 2020, according to Baker Hughes’ rig count report.
The total rig count comes in at 74, 20%, higher than this time last year. It was also up by 84% since falling to a record low of 244 in August 2020, according to data going back 80 years.
US oil rigs rose two to 344 this week, while gas rigs rose the seven, the most in a week since December 2018, the highest since March 2020, to 103.
Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of US and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975.
The Baker Hughes Rig Counts are a business barometer for the drilling industry and its suppliers, it acts as an indicator of demand for products used in drilling, completing, producing, and processing hydrocarbons.
For more information visit: https://rigcount.bakerhughes.com