((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto)) by Scott DiSavino
U.S. energy companies kept the number of oil and natural gas drilling rigs unchanged for the second straight week, energy services company Baker Hughes BKR.O said in its closely watched report on Friday. .
The number of oil and gas installations, an early indicator of future production, held steady at 585 as of November 1. RIG-USA-BHI RIG-OL-USA-BHI RIG-GS-USA-BHI
According to Baker Hughes, the total number of drilling rigs fell by 33, down 5% from the same time last year.
The number of oil drilling rigs decreased by one unit to 479 this week, while the number of gas drilling rigs increased by one unit to 102.
The number of oil and gas drilling rigs fell by about 20% in 2023 after increasing by 33% in 2022 and 67% in 2021, due to falling oil and gas prices, rising labor and equipment costs due to soaring inflation and as companies focused on paying down debt and increasing shareholder returns instead than on increasing production.
US crude futures CLc1 are down 2% so far in 2024 after falling 11% in 2023, while US gas futures
NGc1 have gained around 6% so far in 2024 after falling 44% in 2023.
U.S. oil production rose 1.5% in August to a monthly record of 13.4 million barrels per day, while gross natural gas production fell about 0.6% during the month to reach 115.9 billion cubic feet per day, the Energy Information Administration said Thursday.
Major US oil producers Exxon Mobil
XOM.N and Chevron CVX.N posted better-than-expected third-quarter profits on Friday, after pumping record amounts of oil and gas into the Permian Basin, following acquisitions in the states' largest shale field -United.
Exxon's production in the basin, which spans Texas and New Mexico, reached a record 1.4 million barrels of oil equivalent per day (boepd), while Chevron's production in the Permian Basin jumped 22% to 950,000 boepd, and is on track to reach 1 million boepd next year.
The 26 independent exploration and production (E&P) companies tracked by US financial services firm TD Cowen said they plan to reduce spending by around 1% in 2024 compared to 2023.
In comparison, spending increased by 27% in 2023, 40% in 2022 and 4% in 2021.
