U.S. oil drillers cut rigs for second week in row
Drillers cut four oil rigs in the week to Jan. 11, bringing the total count down to 873, 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 much higher than a year ago when 752 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.
Occidental, one of the largest producers in the Permian Basin, the biggest U.S. oil field, said on Monday it expected to spend $4.4 billion to $5.3 billion this year, compared with around $5 billion spent in 2018, depending on the price of crude oil. ■