Baker Hughes reports that US energy companies added rigs in the second week at their highest level since May 2024.
Baker Hughes, a provider of energy services, said in its Friday report that US energy companies added rigs this week for the second week in a row for the first since July. The total number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending September 18 to 595, its highest level since May 2024. Baker Hughes reported that the total number of rigs is up 53, or 10% compared to this time last year.
Saudi stocks continue to fall after energy attacks shock sentiment
Saudi Arabian stock prices fell again on Monday as investors were unnerved by the escalating attacks against the kingdom's shipping routes and energy infrastructure. However, some major Gulf markets edged up. Saudi Arabia's benchmark index fell 0.3%. Oil?major Saudi Aramco dropped 0.5%. Saudi Arabian Mining Company, Saudi Basic Industries Corp and Saudi Arabian Mining Company both declined 1% and 0.5% respectively. Riyadh Cement, which had traded ex-dividend, plunged by 5.8% and is on track to be the worst performer on the index.
Baker Hughes: US energy companies leave rig count unchanged for the latest week
Baker Hughes, a closely watched energy services company, said that the U.S. firms had not changed their rig counts in the last week. The number of oil and gas drilling rigs, a good indicator of future production, was 588 during the week ending August 28. Baker Hughes reported that the total number of rigs was up 52 or 9.7% from this time last year. The report said that oil rigs dropped by five this week to?447, while gas-rigs increased by five to 130 and other'miscellaneous' rigs remained at nine.
Baker Hughes reports that US energy companies have cut back on drilling for the first time in four-weeks.
Baker Hughes, a 'closely watched' energy services firm, said in its report on Friday that U.S. firms have lowered the number of operating rigs for the first four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by five in the week ending August 21. Baker Hughes stated that the total count is still up by 50 rigs or 9.3% from last year. Baker Hughes said oil rigs dropped by three this week to 452, while gas rigs decreased by one to 128, and miscellaneous or other rigs by one to 9.
US offers 81 million acres of Gulf of Mexico oil leases
The Trump Administration will on Wednesday offer oil and gas drilling companies more than 81 million acres (32,8 million hectares), in the Gulf of Mexico. This is part of a plan to boost domestic energy production by establishing regular offshore lease sales. This is the second sale since the U.S. and Israeli war against Iran disrupted global oil flows, sending oil prices to four year highs. The sale is the third in a series of 30 required by President Donald Trump's tax cut and spending bill passed in 2025.
Baker Hughes: US energy companies leave rig count unchanged for the latest week
?U.S. Energy firms have left the total rig count unchanged for the last week, according to a closely watched report by energy services firm Baker Hughes on Friday. The number of oil and gas drilling rigs, a good indicator of future production, remained unchanged at 588 during the week ending August 7, compared to the previous week. Baker Hughes reported that the total number of rigs was up by?49 or 9% compared to this time last. Baker Hughes reported that oil rigs increased by three this week to 454 - their highest level since May 2025.
Baker Hughes says US energy companies have added rigs six times in the last seven weeks.
Baker Hughes, a leading energy services company, said that U.S. firms added rigs this week for the sixth time in 7 weeks. The number of oil and gas drilling rigs, which is an early indicator of future production, increased by one in the week ending July 31. Baker Hughes stated that the increase of 48 rigs or 9% over this time last week is a result of this week's increases. Baker Hughes reported that oil?rigs increased by one this week to 451 - their highest level since mid-July.
Baker Hughes reports that US energy companies have added rigs to their fleets for the fourth consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added rigs this week for the fourth consecutive week for the first since early June. Baker Hughes normally releases the report around 1700 GMT on Fridays at?1 pm EDT. The report was released 49 minutes later. Baker Hughes officials did not comment on the cause of the delay. The number of oil and gas drilling rigs, which is a good indicator of future production, increased by one in the week ending July 10 to 581, its highest level since May 2025.
The head of the IEA urges EU to reconsider its opposition to new Arctic oil exploration
The head of International Energy Agency, urging the EU to reconsider its opposition to oil and gas exploration in the Arctic as Europe strives to secure future energy supplies. The European Union currently supports an 'ban on new drilling in the Arctic for environmental reasons, but may revise its policy to address concerns over energy security. The bloc is already under pressure from Norway, whose large landmass and oceans are located in the Arctic, to abandon its support for an Arctic oil and natural gas drilling moratorium.
US plans to reduce costs for energy drilling on federal land
On Monday, the Trump administration proposed looser regulations?for oil-and-gas drilling operations on federal lands. This included a drastic cut in?cleanup costs for abandoned wells. The'moves' are aligned with the goal of President Donald Trump to reduce regulation for businesses and to make it easier to increase investment in domestic fossil fuel production. The Department of the Interior announced that it would lower the cost of state bonds for 'wells' to $25,000 from $500,000 per'state, a level introduced during the Biden years.
China taps deep shale deposits in Sichuan to boost its gas production
Sinopec experts and industry consultants say that China is increasing gas drilling in deeper, more ancient shale deposits of the Sichuan Basin, which could increase domestic production by over a third before 2035. State oil giants, whose shale-gas output is below government targets, and only 10% of China's gas production, are working to stop the slowdown by drilling 5,000 meters (16,400 feet) deep. Sinopec, the state oil giant, announced last month that it had discovered 236 billion cubic meters (bcm)…
Baker Hughes reports that US drillers have added oil and natural gas rigs to their fleet for the sixth consecutive week.
Energy services firm Baker Hughes said that U.S. energy firms added oil and gas rigs in the United States for a sixth consecutive week. This is the first time since May '2022. The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending May 29 to 562, its highest level since May 2025. Baker Hughes stated that despite this week's increase in rigs, the total number of rigs was still down by one rig compared to this time last year.
Nordic investors ask EU to maintain its stance on Arctic drilling ban amid energy crises
Investors and financial institutions have urged the European Union to maintain its opposition to any new Arctic oil & gas drilling as it considers re-evaluating its position to prioritize energy security. Investors are concerned that the U.S./Israeli war against Iran, which triggered the current energy crisis, could be used as a justification to roll back climate commitments. Nordea Asset Management (part of Nordic lender Nordea) and 11 other…
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the fifth consecutive week.
Baker Hughes, an energy services firm, said in its widely-read report published on Friday that U.S. firms added oil and gas rigs this week for the 'fifth consecutive week' for the 'first time since February 2025. The number of oil and gas drilling rigs, a good indicator of future production, increased by seven in the week ending May 22 to 558, its highest level since June 2025. Baker Hughes reported that despite this week's increase in?rigs, the total count is still eight rigs lower, or 1%, than this time last.
Document says EU Energy Ministers will discuss domestic gas drilling
An internal document obtained by revealed that the energy ministers of European Union countries will discuss the production of domestic?gas? next week as they seek to reduce the economic impact of Iran's war. After the Middle East conflict, which has caused unprecedented disruptions, the EU is heavily dependent on imports of gas. This accounts for about 80% its energy needs. Brussels said that since U.S. and Israeli airstrikes started the war in February…
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the second consecutive week.
Baker Hughes, an energy services firm, said that U.S. firms have cut the number of oil and gas rigs for the second week in a row for the first time since march. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending April 17 to 543, the lowest level since late March. Baker Hughes reported that the total number of rigs is down 42 or 7% from this time last week. Baker Hughes said oil rigs dropped by one this week to 410, the lowest level since late March.
Baker Hughes reports that US drillers have cut oil and gas rigs three times in the last four weeks.
Baker Hughes, a renowned energy services firm, said that U.S. firms have cut the number of oil and gas rigs for the third consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by three in the week ending April 10 to 545, the lowest level since late March. Baker Hughes reported that the total number of rigs is down by 38, or about 7% compared to this time last. Baker Hughes reported that oil rigs remained at 411 this week while gas rigs dropped by three…
Baker Hughes' drilling equipment company HMH is valued at $815m amid market turmoil
HMH Holding, a provider of drilling equipment, was valued at 815 million dollars?after its shares dropped 5.5% on Wednesday in its Nasdaq début?amid fragile sentiments and persistent geopolitical uncertainties. Houston-based Akastor, a joint venture between Norway's Akastor and oilfield services firm Baker Hughes, has pushed forward with its long-sought New York IPO despite the Middle East conflict boosting oil prices. Brent crude futures are up 67% in the last year, but they were down 1.9% on Wednesday.
Danish funds challenge Nordea at AGM over Arctic Oil
Two Danish institutional investors have backed a shareholder resolution calling on the Nordic region's largest bank,?Nordea, to cease all financing of companies that are expanding Arctic oil and gas production due to environmental risks. Investors, pension funds Sampension and Akademiker, informed the annual general meeting of the bank on Tuesday about their voting intentions. The activist motion comes in the wake of the oil crisis caused by…
Gulf stocks mixed after Iran denies US talks, Qatar continues decline
Gulf stock markets were unable to find direction during early trading Tuesday. Qatar's fall was exacerbated by mixed messages about U.S.Iran talks following President Donald Trump's decision to delay strikes on Iran's energy infrastructure. Trump made his decision on Monday based on what he called productive discussions with Iranian officials. Iran denied, however, that it had held negotiations with the U.S. Semafor, citing an official from the United States, reported on Monday that the U.S. would continue to strike Iran.