The number of US drilling rigs decreased again
According to Webangah News quoted by Mehr News Agency, citing Reuters, Baker Hughes announced in a report the number of active oil and natural gas rigs of American energy companies In the week ending August 30 (Friday, September 9), it decreased for the first time since the end of June and for the third week in a row.
According to this company’s report on Friday, the number of oil and gas rigs, which is considered as an early sign of future production, in the week leading up to 30 August decreased by two numbers to 583 devices.
According to Baker Hughes, the total number of rigs is still 48 units or 8% less than the same period. It is last year.
The number of US oil rigs in the mentioned week was unchanged at 483, while the number of gas rigs in this country decreased by two to 95.
According to this report, the total number of oil and gas drilling rigs in the US after an eight-digit increase in July, 6 in the month August decreased.
The number of oil rigs in August increased by one, while the number of gas rigs In this month, it was accompanied by a decrease of 6 numbers.
Drilling companies have increased the number of active rigs in the Marcellus field, the largest gas producing basin in the United States. It is located in Pennsylvania, Ohio, and West Virginia, with a two-digit decrease, bringing the total to 23, the lowest number since August 2016. Meanwhile, the total number of active drilling rigs in the state of Pennsylvania decreased by three to 18 units, which is the lowest number since December 2021.
The number of US oil and gas rigs will decrease by about 20% in 2023 after increasing by 33% in 2022 and 67% in 2021. The decrease in the price of oil and gas and the increase in the cost of labor and equipment due to the increase in inflation and the companies’ focus on paying off debt and increasing the return of shareholders’ capital instead of increasing production are among the factors that reduce the number of rigs.
The crude oil price of the WTI index of the United States after a decrease of about 11% in 2023, so far It has increased by about 3% in 2024. After a 44% drop in American gas futures in 2023, the price of American gas futures has decreased by 16% since the beginning of 2024.
Although oil prices have increased since the beginning of this year, the drop in gas futures prices for the second year in a row has forced drilling companies to reduce their investments. reduce in 2024. The decrease in investments was expected to reduce gas production in 2024 for the first time since 2020.
According to the data of financial services company TD Koen, 26 independent companies active in the field of exploration and production announced a 2% decrease in their investments in 2024 compared to 2023.
In 2023, the amount of investment by companies increased by 27 percent compared to the previous year, and in 2022 and 2021, it was associated with a growth of 40 and 4 percent, respectively.
