Reported 1 day ago
U.S. energy companies have reduced the number of oil and natural gas rigs to the lowest count since December 2021, with a total of 576 rigs reported this week, a decline of four. The drop marks a 7% decrease compared to the same time last year. Oil rigs decreased by six to 472, while gas rigs increased slightly. The decline is attributed to lower oil and gas prices leading firms to focus on debt reduction and shareholder returns, despite projections for rising crude output in 2025.
Source: YAHOO