April 6 (Reuters) - U.S. energy firms this week cut the
number of oil and natural gas rigs operating for a second week
in a row, energy services firm Baker Hughes Co said in
its closely followed report on Thursday.
The oil and gas rig count, an early indicator of future
output, fell by four to 751 in the week to April 6. Baker Hughes released the rig count one day earlier than
usual due to the Good Friday holiday on April 7.
Despite this week's rig decline, Baker Hughes said the total
count was still up 62 rigs, or 9%, over this time last year.
U.S. oil rigs fell by two to 590 this week, while gas rigs
dropped by two to 158.
U.S. oil futures were up about 6.7% so far this year
after gaining about 7% in 2022. U.S. gas futures ,
meanwhile, have plunged about 53% so far this year after rising
about 20% last year.
The drop in gas prices has already caused some exploration
and production companies, including Chesapeake Energy Corp , Southwestern Energy Co and Comstock Resources
Inc , to announce plans to reduce production by cutting
some gas rigs.
Despite some plans to lower rig counts, U.S. crude
production was still on track to rise from 11.9 million barrels
per day (bpd) in 2022 to 12.4 million bpd in 2023 and 12.6
million bpd in 2024, according to projections from the U.S.
Energy Information Administration (EIA) in March. That compares
with a record 12.3 million bpd in 2019.
U.S. gas production, meanwhile, was on track to rise from a
record 98.09 billion cubic feet per day (bcfd) in 2022 to 100.67
bcfd in 2023 and 101.69 bcfd in 2024, according to federal
energy data in March.
(Reporting by Scott DiSavino and Brijesh Patel; Editing by
Marguerita Choy)
Messaging: scott.disavino.thomsonreuters.com@reuters.net))
For U.S./Canada natural gas rig count vs Henry Hub futures price, see: U.S. natural gas inventories: For a list of all Baker Hughes rig counts around the world, see: For U.S. oil rigs, see: For U.S. gas rigs, see: ))
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