1326 ET - The number of rigs drilling for oil in the U.S. slipped by one this week to 424, and is down 54 from a year ago, Baker Hughes reports. The EIA said this week that well completions in the lower 48 states in 1H25 were the fewest for a first half since 2021, while productivity growth was mixed. Crude oil production from newly completed wells is growing more slowly or declining in the major oil-producing regions, it said. "We assess the muted productivity growth will be insufficient to offset the low drilling and completion activity observed in the falling rig count and number of wells completed." Rigs directed at natural gas were steady this week at 108, eight more than a year ago. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

July 11, 2025 13:26 ET (17:26 GMT)

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