U.S. drillers add oil rigs for second week in a row
Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
The U.S. rig count, an early indicator of future output, is still higher than a year ago when 798 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.
U.S. drillers have removed on average of 28 rigs this year so far as a lack of pipeline capacity in the Permian basin, the largest U.S. oil shale field, landlocked some output and as investors pushed producers to reduce spending and boost shareholder returns. ■