1327 ET - The number of rigs drilling for oil in the U.S. fell by seven this week to 425 and was down by 54 from a year ago, oil services company Baker Hughes reports. Natural gas rigs slipped by one to 108, or seven more than a year ago. In the Dallas Fed's second-quarter survey of energy companies in Texas, northern Louisiana and southern New Mexico, almost half of the executives said they expect to drill fewer wells this year than they had planned at the start of 2025. If oil were to hold at $60 a barrel, 61% of companies said they would expect a small decrease in their firms' oil production over the next year. At $50 a barrel, 46% of firms would expect a significant drop. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

July 03, 2025 13:27 ET (17:27 GMT)

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