U.S. energy companies cut 10 oil rigs in the week ending Dec 7, bringing the total count to 877, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

The natural gas rig count increased by nine rigs to 198 rigs for the week, compared to 180 rigs a year earlier.

 

The U.S. rig count, an early indicator of future output, is higher than a year ago when 749 rigs were active. Energy companies have spent more this year to ramp up production to capture prices that are higher in 2018 than 2017.

 

US oil & gas rigs

Rigs

A year ago

Previous week

Week ending Dec. 7

Week-on-week change

YoY

Oil

751

887

877

(10)

126+

Gas

180

189

198

9+

18+

Oil & Gas

931

1076

1075

(1)

144+

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