June 28 (Reuters) - U.S. energy firms this week cut the

number of oil and natural gas rigs operating for a fourth week

in a row to the lowest since December 2021, energy services firm

Baker Hughes ( BKR ) said in its closely followed report on

Friday.

The oil and gas rig count, an early indicator of future

output, fell by seven to 581 in the week to June 28.

Baker Hughes ( BKR ) said that puts the total rig count down 93

rigs, or 14%, below this time last year.

Baker Hughes ( BKR ) said oil rigs fell six to 479 this week, their

lowest since December 2021, while gas rigs fell one to 97, their

lowest since 2021.

For the month, the gas rig count fell for the fourth

straight month for the first time since July 2020.

For the quarter, the total oil and gas rig count fell for a

sixth quarter in a row for the first time since 2020.

Drillers cut the total number of active rigs in Texas by

five to 277, the lowest since January 2022, and cut the count in

Oklahoma by one to 34 rigs, the lowest since September 2021.

In shale basins, drillers cut the total number of active

rigs in the Permian in West Texas and eastern New Mexico by

three to 305, the lowest since February 2022, and in the Eagle

Ford in South Texas by 3 to 47, the lowest since January 2022.

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 up about 14% so far in 2024

after dropping by 11% in 2023, while U.S. gas futures

were up about 4% so far in 2024 after plunging by 44% in 2023.