Tornado Alley (PROG)

[dbergh]

Oil drillers have said that they have little interest in expanding their rigs or entering new territories. The price of crude is at the sweet spot where everyone is making money. Ramping up supply will cause prices to fall and profits will vanish, just as they did years ago during the shale oil boom. Lots of producers went bankrupt.

US drillers add oil and gas rigs for second week in a row, Baker Hughes says
By Scott Disavino
February 7, 2025

Feb 7 (Reuters) - U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since July 2024, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, rose by four to 586 in the week to February 7. , ,
Despite this week's rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year.
https://www.reuters.com/business/energy/us-drillers-add-oil-gas-rigs-second-week-row-baker-hughes-says-2025-02-07/