U.S. energy firms kept the number of oil and natural gas rigs unchanged this week, with the count falling by two in October, energy services firm Baker Hughes  said in its closely followed report on Oct. 25.

The oil and gas rig count, an early indicator of future output, held at 585 in the week to Oct. 25.

Baker Hughes said the total count was still down 40, or 6% below this time last year.

Oil rigs fell by two to 480 this week, while gas rigs rose by two to 101.

For the month, the total oil and gas count was down by two rigs after gaining four rigs in September.

The oil rig count was down by four rigs in October after gaining one rig in September, while the gas rig count was up by two this month after gaining four last month.

The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, due to a decline in oil and gas prices, higher labor and equipment costs from soaring inflation and as companies focused on paying down debt and boosting shareholder returns instead of raising output.

U.S. oil futures were flat so far in 2024 after dropping by 11% in 2023, while U.S. gas futures were up by about 1% so far in 2024 after plunging by 44% in 2023.

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