---
title: "For the first time in 10 weeks, US drillers have increased the number of oil and gas rigs, according to Baker Hughes."
publisher: "Share Talk"
author: "sharetalk"
published: "2023-07-08T13:35:42+00:00"
modified: "2023-07-08T13:35:42+00:00"
date: 2023-07-08
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category: "Blogs"
categories: ["Blogs", "Energy"]
tags: ["Baker Hughes", "count", "crude", "gas", "oil", "production", "RIG", "Share Talk", "USA", "wellpad"]
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---

# For the first time in 10 weeks, US drillers have increased the number of oil and gas rigs, according to Baker Hughes.

**Published:** July 8, 2023
**Author:** sharetalk
**Categories:** Blogs, Energy
**Tags:** Baker Hughes, count, crude, gas, oil, production, RIG, Share Talk, USA, wellpad
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1)

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Energy companies in the U.S. have increased the number of oil and natural gas rigs for the first time in a span of 10 weeks, marking the most substantial weekly surge in gas rigs since October 2016, as reported by energy services company Baker Hughes Co in its much-anticipated report this Friday.

In the week leading up to July 7, the count of oil and gas rigs, a precursor to future production, climbed by six to a total of 680. However, Baker Hughes highlighted that despite the rise in rig numbers this week, the total count is still 72 rigs, or 10% lower compared to the same period last year.

This week, U.S. oil rigs decreased by five to 540, marking their lowest count since April 2022, while gas rigs increased by 11 to 135, reaching their highest level since early June.

In the Permian region of West Texas and eastern New Mexico, the country’s largest shale oil basin, there was an addition of seven gas rigs, pushing the gas total to a nearly 10-year high of 12. Meanwhile, the number of oil rigs dropped by six, decreasing the total to a 15-month low of 330, as reported by Baker Hughes.

The addition of seven gas rigs in the Permian was the highest weekly increase since January 2013.

Enverus, a data provider that publishes its own rig count data, reported a reduction of four rigs in the week leading up to July 5, bringing the overall count to 732. This signifies a decrease of approximately 10 rigs over the past month and a year-over-year drop of 13%.

U.S. oil futures have decreased about 9% thus far this year, following a 7% increase in 2022. In contrast, U.S. gas futures have plummeted about 43% this year, after rising about 20% last year.

The increase in the weekly gas rig count was atypical, given the significant drop in gas prices which has already led several companies to cut back on production by reducing rigs – notably in the Haynesville shale in Arkansas, Louisiana, and Texas.

Despite some intentions to decrease rig counts, independent exploration and production companies monitored by U.S. financial services firm TD Cowen are projected to increase their spending by about 19% in 2023, compared to 2022. This follows a spending increase of about 40% in 2022 and 4% in 2021.

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**Original URL:** https://www.share-talk.com/for-the-first-time-in-10-weeks-us-drillers-have-increased-the-number-of-oil-and-gas-rigs-according-to-baker-hughes/
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