Energy companies sent 11 more drilling rigs into U.S. oilfields this week, another sign that an industry recovery is underway as prices stabilize, the oilfield services firm Baker Hughes reported Friday.
The number of active rigs across the nation has now climbed from a low of 406 in May to 522 this past week, according to data compiled compiled by Baker Hughes. Still, there are 300 fewer rigs in operation than there were at this time last year.
Over the past week, the number of active oil rigs rose by seven to 425, the company reported. Gas rigs rose four to 96.
Texas lost one rig from the patch this week, dropping to 245. New Mexico added three, North Dakota two, and several states, including Alaska, Colorado, Louisiana and Oklahoma, added one rig.
Oil prices have ranged between $40 and $50 a barrel over the past few months, climbing over the past few days following a preliminary agreement among OPEC members to cut production. Crude was trading above $48 a barrel in New York around mid-day.