Rigs targeting oil in the U.S. gained to a record this week as crude prices surged and energy producers ramped up drilling in the Eagle Ford shale formation of South Texas. Oil rigs increased by three to 1,545, the highest level since Baker Hughes Inc. (BHI) separated its oil and gas counts in 1987. Rigs targeting crude rose the most in the Eagle Ford shale, where the count added four to 210. Gas rigs climbed by one to 311, and the total count , including miscellaneous rigs, rose to 1,858, the Houston-based field services company said on its website. Companies are expected to spend a record $165 billion on exploration and production in the U.S. this year, spurred by energy price gains and horizontal drilling that has helped draw record volumes of oil and gas out of U.S. shale formations. The boom has raised domestic crude production to the […]

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