US Drillers Add Oil Rigs For Fifth Straight Week

U.S. energy companies added oil rigs for a fifth week in a row as they follow through on plans to spend more on drilling this year with higher crude prices boosting their profits and pushing nationwide production to record highs.

Drillers added nine oil rigs in the week to May 4, bringing the total count to 834, the highest level since March 2015, Baker Hughes, a GE company, said in its weekly report.

More than half the total oil rigs are in the Permian Basin in west Texas and eastern New Mexico. Active units there increased by six this week to 458, the most since January 2015.