That Was the Week That Was...in O&G: a 30 second update (y/e Dec 29, 2023)

WTI?down 11%?YoY

• Both WTI and Brent slipped more than 10% in 2023 to close out the year at their lowest year-end levels since 2020, ending a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world
• In 2020, Brent had climbed 10% and WTI by 7% given the supply concerns following Russia's invasion of Ukraine

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HH?down 38% YoY

• Record production, strong storage and seasonally soft weather-driven demand consistently put downward pressure on natural gas prices in 2023

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Baker Hughes US rig count (ex-GOM)?down 157 YoY

• 622 vs 779: Permian (-44), EFS (-18), Haynesville (-28), Marcellus (-11), Williston (-10)