Baker Hughes says that American drilling add oil and gas platforms for the fifth consecutive week

Written by Scott Devavino

(Reuters) – The US energy companies added this week oil and natural gas platforms for a fifth consecutive week for the first time since May 2022, the US energy companies added this week to the fifth week in a row for the first time since May 2022, the US energy companies added this week to the fifth week in a row for the first time since May 2022.

The number of oil and gas panels, an early indicator of future production, has increased by one to 593 a week to February 28, the highest level since June.

Although the excavator increased for this week, Baker Hughes said the total number still decreased 36 platforms, or 6 % lower than this time last year.

Baker Hughes said that the oil platforms decreased by 2 to 486 this week, while the gas platforms rose from three to 102.

In February, the total oil and gas platforms increased by 11 years, more than one month since November 2022, when seven oil platforms rose, as well as the largest monthly gain since November 2022, and the gas voices for four.

The number of oil and gas panels decreased by about 5 % in 2024 and 20 % in 2023, as oil and gas prices in the United States have pushed over the past two years energy companies to focus more on strengthening shareholders ’revenues and paying debt instead of raising production.

Independent Exploration and Production Companies (E&P), which is followed by the American Financial Services Company, said that it plans on average to reduce spending in 2025 by about 1 % of the levels that were seen in 2024.

This compares to almost flat spending on an annual basis in 2024, and increases from 27 % in 2023, 40 % in 2022 and 4 % in 2021.

(Participate in Scott Disavino reports; Liberation by Marguerita Choy)