1328 ET - The number of rigs drilling for oil in the U.S. fell by two this week to 486, a first decline in five weeks, and was down by 20 from a year ago, oil services company Baker Hughes reports. Rigs drilling for natural gas increased by three to 102, or 17 fewer than a year ago. Top U.S. natural gas producer Expand Energy said this week it expects to run about 12 rigs in 2025 with average production estimated at 7.1 billion cubic feet equivalent a day. The company plans to add capacity in the second half, running around 15 rigs, and end the year at 7.2 Bcfe/d, raising that to an average of 7.5 Bcfe/d in 2026 "should market conditions warrant." (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
February 28, 2025 13:28 ET (18:28 GMT)
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