US gas rig count drops to two-year lows

The number of rigs drilling for crude oil and natural gas in the US fell by five to 624 units last week, according to Baker Hughes.

PHOTO: Oil field with pump jacks in Texas, US. Getty Images

The number of crude oil rigs in operation dropped by one to 509.

Four gas rigs were taken offline in the Haynesville oil field, and the US' total gas rig count fell to 112 - the lowest since January 2022.

There were also three miscellaneous rigs in operation – same as in the previous week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – dropped by one unit to 315.

The total US oil and gas rig count was down by 134 rigs, or nearly 18%, from a year earlier.

By Debarati Bhattacharjee

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