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    Home > Chemicals Industry > Petrochemical News > Baker Hughes: The number of US oil and gas rigs increases for the second consecutive week

    Baker Hughes: The number of US oil and gas rigs increases for the second consecutive week

    • Last Update: 2021-07-20
    • Source: Internet
    • Author: User
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      Foreign News reported on May 7 that US energy companies increased the number of oil and natural gas rigs for the second consecutive week.
    The rise in oil prices prompted some drillers to resume oil well production

    .


      US oil service company Baker Hughes said in a closely watched report on Friday that as of the week of May 7, the number of active oil and gas rigs in the United States increased by 8 to 448, as the leading indicator of future production.
    , The highest level since April 2020

    .


      Compared with the same period last year, the number of wells increased by 74 or 20%
    .
    The total number of rigs this week was 84% ​​higher than the record low of 244 recorded in August 2020

    .


      This week, the number of oil rigs in the United States increased by 2 to 344, and the number of natural gas rigs increased by 7 to 103, the largest weekly increase since December 2018 and the highest level since March 2020
    .


      US crude oil futures traded around US$65 per barrel on Friday.
    The contract has recorded an increase of about 34% so far this year and a decline of about 21% last year

    .


      After cutting spending plans for two consecutive years, some energy companies have expanded their spending in 2021, so drilling rig activities have good momentum
    .


      However, the extent of expanding spending is still small, because most companies still pay more attention to increasing cash flow, reducing debt, and improving shareholder returns rather than increasing production
    .


      Commodity intelligence company Kpler said: "Listed companies choose to save cash to improve shareholder returns, rather than traditionally increase spending when U.
    S.
    crude oil futures are above $60

    .
    "


      US financial services company Cowen & Co said, independent exploration and production companies (E&P) is completing the plan to increase spending by 1% in 2021 compared to the previous year
    .
    Expenses will be reduced by approximately 49% in 2020 and 12% in 2019

    .


      James Williams of WTRG Economics said: "Our outlook is still optimistic.
    .
    .
    the number of rigs may be close to 600 by the end of the year

    .
    "


      Energy data provider Enverus said that the number of active rigs remained stable at 524 for the week ending May 5
    .


      Enverus said the most active operator is still Pioneer Natural Resources Co, which operates 30 drilling rigs, an increase of 21 from the same period last year, including nine acquired through the acquisition of DoublePoint Energy
    .

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