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U.S. drillers add oil rigs for fourth consecutive week

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Staff Writer | February 16, 2018
Oil rigs
Oil exploration   Drillers added seven oil rigs in the week to February 16

U.S. energy companies added oil rigs for a fourth week in a row even though crude pulled back from three-year highs over the past couple of weeks as more drillers boost their 2018 spending plans.

Drillers added seven oil rigs in the week to February 16, bringing the total count up to 798, the highest level since April 2015, General Electric's Baker Hughes said.

That was the first time since June that drillers added rigs for four consecutive weeks.

The U.S. rig count, an early indicator of future output, is much higher than a year ago when 597 rigs were active as energy companies have continued to boost spending since mid-2016 when crude prices began recovering from a two-year crash.


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