Sept 6 (Reuters) - U.S. energy firms this week cut the

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

in a row for the first time since late June, 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 1 to 582 in the week to Sept. 6, the lowest

since June.

Baker Hughes ( BKR ) said oil rigs held at 483 this week, while gas

rigs fell by 1 to 94, their lowest since April 2021.

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 down about 6% so far in 2024

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

were down about 10% so far in 2024 after plunging by 44% in

2023.

The drop in gas futures for a second year in a row prompted

many energy firms to cut capital spending in 2024. That drop in

spending was expected to reduce gas production in 2024 for the

first time since 2020.

The 26 independent exploration and production (E&P)

companies tracked by U.S. financial services firm TD Cowen said

they planned to cut spending by around 2% in 2024 versus 2023.

That compares with year-over-year spending increases of 27%

in 2023, 40% in 2022 and 4% in 2021.