Once again, U.S. oil and natural gas producers have added rigs in shale basins throughout the country this week, as Baker Hughes (BHI) reported Friday the count grew by three to 754 rigs.
Oil producers continue to provide the bulk of activity growth following OPEC's decision on Nov. 30 to cut oil production by 1.2 million barrels a day in the first half of the year.
Baker Hughes' oil rig count swelled by five to 602, while the gas rig count fell by two to 151.
Friday's count is the last weekly tally in February, and a total of 95 rigs have come online so far in the first two months of the year.
The U.S. rig count is up 252 rigs from this time last year when prices were just coming off 10-year lows, with oil rigs up 202 and gas rigs up 49.
West Texas Intermediate crude prices were slumping Friday, down 0.7% to $54.07 around the time of the rig count release at 1 p.m. EST, while global benchmark Brent crude futures were down 0.71% to $56.18.
Baker Hughes' data showed West Texas' Permian Basin added the most rigs week over week with three, while the Eagle Ford Shale in southeastern Texas and the Cana Woodford in Oklahoma also saw a modest uptick in activity.
Offshore drilling activity, meanwhile, is still stagnant. Baker Hughes reported the offshore count is down one from the previous week to 17 and down 10 rigs year over year.
The Canadian rig count, meanwhile, rose by 10 this week to 341 rigs, as 12 oil rigs were brought online and the gas rig count fell by two.