Baker Hughes says

Of Scott Disadino

(Reuters) – North -American energy companies this week reduced the number of oil and natural gas platforms operating until the lowest since January, said the Baker Hughes Energy Services Services firm in their report closely on Friday.

The oil and gas count, an early indicator of future production, fell from six to 578 a week until May 9.

Baker Hughes said this week’s decrease reduces the total count of platforms 25, or 4% below this time last year.

Baker Hughes said oil platforms fell from five to 474 this week, their lowest since January, while gas platforms were not changed to 101.

The oil and gas count decreased by around 5% by 2024 and 20% by 2023, as the lowest prices of oil and the United States for the last two years promoted energy companies to focus more on increasing shareholders’ yields and paying debt instead of increasing production.

Although analysts expect oil prices to decrease a third year in a row by 2025, the United States Energy Information Administration (EIA) this week projected raw production would increase a record of 13.2 million barrels daily (BPD) by 2024 at about 13.4 million BPD in 2025.

This increase in production, however, was less than EIA’s prospects in April due to the lowest forecasts of oil price, as United States rates increase the weakest economic growth and oil growth.

In terms of gas, the EIA projected an increase of 88% of the prices of the timely gas by 2025 would promote producers to increase the drilling activity this year after a fall of prices of 14% by 2024 caused several energy companies to reduce production for the first time from the Covid-19 pandemic reduced the demand of the fuel by 2020. (NGAS/Survey)

Eia -projected gas production would increase to 104.9 billion cubic feet daily (BCFD) by 2025, to 103.2 BCFD in 2024 and a record of 103.6 BCFD in 2023.

Applications for oil and gas drilled in Texas, the Higher State Producer of Oil of the United States, reached a minimum of four years in April in the midst of the concern that the increase in Opec+ supplies and a trade war will continue to reach gross prices, according to the consulting clinic Aberus.

Texas operators submitted 570 new drilling permit applications in April, below 795 March and the lowest number since February 2021, according to Alderus.

Shale Diamondback’s producer said on Monday that it will fall three teams in the second quarter and could reduce the activity even if oil prices drop more. The opponent Coterra Energy is reducing its 2025 Permian activity by three teams, while the Matador Resources is falling a perforation platform by mid -2025.

(Report of Scott Disadino; Edition of Marguerita Choy)