Baker Hughes reports that US energy companies have added rigs to their fleet for the first time in 4 weeks.

Baker Hughes, a closely-followed energy services company, said in a report released on Friday that U.S. firms added rigs this week for the first time in four weeks.

The total number of oil and gas rigs, a good indicator of future production, increased by three in the week ending September 11. This is its highest level since mid-August.

Baker Hughes reported that the rig count is up 52 rigs or 10% compared to this time last year.

Baker Hughes reported that oil rigs increased by one this week to 450, the highest level since late August. Gas rigs also rose, by two, to 132, which is their highest level since?late august, and miscellaneous other rigs remained at 9.

Oil and gas rig counts will decline by 7%, 5%, and 20% between 2025 and 2024 as energy companies focus on increasing shareholder returns and paying off debt, rather than increasing production.

The U.S. Energy Information Administration (EIA), however, has projected that the crude production will rise from a record of 13.7 million barrels a day (bpd), in 2025, to 13.8 millions bpd by '2026.

EIA projects that the production of gas will increase from a record-breaking 107.6 billion cubic feet per day in 2025 to 111.7 in 2026, as the demand for fuel increases to power data centers with high energy demands and to export LNG.

(source: Reuters)