Published by Todd Bush on November 2, 2024
Nov 1 (Reuters) - U.S. energy firms kept the number of oil and natural gas rigs operating unchanged for a second week in a row, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, held at 585 to Nov. 1. , ,
Baker Hughes said that puts the total rig count down 33 rigs, or 5% below this time last year.
The number of oil rigs fell by one to 479 this week, while gas rigs rose by one to 102.
The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, due to a decline in oil and gas prices, higher labor and equipment costs from soaring inflation and as companies focused on paying down debt and boosting shareholder returns instead of raising output.
U.S. crude futures were down 2% so far in 2024 after dropping by 11% in 2023, while U.S. gas futures gained about 6% so far in 2024 after plunging by 44% in 2023.
U.S. oil production rose 1.5% in August to a monthly record high of 13.4 million barrels per day, while gross natural gas production eased by about 0.6% in the month to 115.9 billion cubic feet per day, the Energy Information Administration said on Thursday.
The top U.S. oil producers Exxon Mobil (XOM.N), opens new tab and Chevron (CVX.N), opens new tab posted better-than-expected third-quarter profits on Friday after they pumped record amounts of oil and gas from the Permian basin after acquisitions in the biggest U.S. shale field.
Exxon 's output from the basin, which spans across Texas and New Mexico, hit a record 1.4 million barrels of oil equivalent per day (boepd), while Chevron 's Permian production jumped by 22% to 950,000 boepd, and is on track to hit 1 million boepd next year.
The 26 independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut spending by around 1% in 2024 versus 2023.
That compares with year-over-year spending increases of 27% in 2023, 40% in 2022 and 4% in 2021.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🪣 Shovels Hit the Ground on California’s First Carbon Storage Hub 🤝 CHARBONE Announces a Strategic Alliance with a Leading U.S. Industrial Gas Producer 📜 Gold Standard Approves M...
Inside This Issue 🧠 From Mars to AI: Fuel Cells Power $28B Boom 🏆 Svante Technologies Wins Global Award for Breakthrough Carbon Capture Innovation 🚧 California Resources Corporation Breaks Ground ...
Inside This Issue 💰 Where the $6.5 Trillion Goes: Carbon Tech Fights for Funding 🔋 Douglas PUD Commission Cuts Ribbon At Renewable Hydrogen Production Facility 🍁 Quinbrook Acquires First Canadian ...
October 21, 2025 at 11:00 AM EDT Ship-to-ship fueling operation in Long Beach demonstrates scalable, low-carbon marine fuel solution aligned with global climate goals NORTH VANCOUVER, BC AND HOUS...
October 21, 2025 On-time, successful delivery demonstrates scalability of Plug’s European hydrogen production capacity and trucking fleet to support Germany’s energy transition SLINGERLANDS, N.Y....
Sustainable Jet Fuel Developer Moves Priority From SD to ND Amid Summit Pipeline Delays
Gevo Inc. Plans Sustainable Aviation Fuel Shift From South Dakota To North Dakota Amid Summit Carbon Pipeline Delays Gevo Inc., a Colorado-based developer of sustainable aviation fuel (SAF), annou...
CapturePoint’s CENLA Hub Project Advances On Louisiana’s Short List For Carbon Storage Permitting
CapturePoint Solutions LLC’s CENLA Hub Project Advances On Louisiana Department of Conservation and Energy (C&E) Short List For Carbon Storage Permitting ALLEN, Texas, Oct. 15, 2025 (GLOBE NEW...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.