Us Drillers Add Oil and Gas Rigs for Fifth Week in a Row
U.S. energy firms have added oil and natural gas rigs for the fifth consecutive week, according to Baker Hughes, marking the first time since May 2022 that this has occurred. This increase is largely driven by higher oil prices, which are encouraging companies to boost production. However, despite the recent surge in rig counts, total oil and gas rigs remain down 36 from last year.
- The resilience of U.S. energy firms in the face of fluctuating commodity prices suggests a growing trend towards greater flexibility in resource extraction strategies.
- Will these trends be sustained as investors increasingly prioritize dividend returns over exploration and production growth?