US energy firms cut rigs for first time in six weeks, says Baker Hughes
XLE•US energy firms cut the oil and gas rig count by three to 601 in the week to November 13, its first decline in six weeks and the lowest since October 2. The count remained 52 rigs, or 9.5%, above its year-earlier level.
1. Rig count declines
The total US oil and gas rig count fell by three to 601 in the week to November 13, Baker Hughes said. Oil rigs were unchanged at 463, gas rigs fell by four to 127—their lowest since August—and miscellaneous rigs rose by one to 11.
2. Output projections
The rig count fell by 7% in 2025, 5% in 2024 and 20% in 2023, as lower US oil prices prompted energy firms to focus on shareholder returns and debt reduction rather than increasing output. The EIA projected crude production would rise from a record 13.7 million barrels per day in 2025 to 13.9 million in 2026, while gas output would increase from a record 107.6 billion cubic feet per day to 113.0 billion.
