News Oil & Gas

U.S. drillers add oil and gas rigs for first time in three weeks – Baker Hughes

Jan 13 (Reuters) – U.S. energy firms this week added oil
and natural gas rigs for the first time in three weeks, energy
services firm Baker Hughes Co said in its closely
followed report on Friday.

The oil and gas rig count, an early indicator of future
output, rose three to 775 in the week to Jan. 13. <RIG-USA-BHI>

Baker Hughes said that puts the total rig count up 174,
or 29%, over this time last year.

U.S. oil rigs rose five to 623 this week, in their
biggest build since November, while gas rigs fell two to 150,
their lowest since May.

U.S. oil futures were down about 1% so far this
year after gaining about 7% in 2022.

The U.S. Energy Information Administration this week raised
its forecast for crude output growth.

U.S. crude production was on track to rise from 11.9 million
barrels per day (bpd) in 2022 to 12.4 million bpd in 2023 and
12.8 million bpd in 2024, according to the EIA. That compares
with a record 12.3 million bpd in 2019.

However, shale producer EOG Resources Inc last week
said it anticipates its activity in the Permian Basin, the
largest U.S. oilfield, to be flat this year, as supplies and
equipment remain expensive and as it focuses on shareholder
(Reporting by Scott DiSavino
Editing by Marguerita Choy)

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