U.S. Rig Count Declines by Three to 584

The number of active oil and gas rigs in the United States declined by three this week to a total of 584, according to Baker Hughes, marking a 21-rig decrease compared to last year. Oil rigs dropped by four to 479, while gas rigs increased by two to 101, and miscellaneous rigs decreased by one. This overall reduction reflects a trend seen over the past year, with lower oil and gas prices prompting energy firms to prioritize shareholder returns and debt repayment rather than expanding output. The Permian Basin, a key U.S. oil region, saw its rig count fall by two to 287. Despite these declines, major producers like Exxon Mobil and Chevron are maintaining their investment and shareholder strategies, with Chevron increasing its Permian Basin output by 12% year-over-year. The U.S. offshore rig count rose by one to 14, while Canada's rig count fell by eight to 120 but remains unchanged compared to last year.