Oil and gas rig count dropped by one-fifth in 2023

By Breanne Deppisch

Published December 29, 2023 4:45pm ET

Oil and gas rig count dropped by one-fifth in 2023 — A pump jack operates as the Sun begins to set on the western horizon Monday, March 7, 2022, near Pleasant Farms, an unincorporated community in southeastern Ector County, Texas. Oil prices are rising sharply again Tuesday as the U.S. prepares to ban crude oil imports from Russia in response to that country's unprovoked invasion of neighboring Ukraine. | (Jacob Ford/AP)

The number of United States oil and natural gas rigs dropped by 157, or about one-fifth, in 2023, according to new data released Friday by energy services firm Baker Hughes, reversing course after two years of growth.

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Oil and gas rig count dropped by one-fifth in 2023

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