The number of U.S. oil rigs topped 600 for the first time since October 2015, according to Baker Hughes (BHI) data out Friday.
There were 602 active oil rigs in the U.S. this week, up by five from last week's count, marking a sixth straight week of gains. Total U.S. rigs, including natural gas rigs, were up by three to 754.
Drillers added two rigs to the Cana Woodford for a total of 51 and four in the Eagle Ford for a total of 59. Rigs climbed by three to 306 in the Permian, a 13th straight week of gains. The rig count was flat at 21 in Colorado's DJ Niobrara play.
U.S. crude futures settled 0.8% lower at $53.44 a barrel but finished the week up 1.1%.
Exxon Mobil (XOM) closed down 0.9% on the stock market today. Chevron (CVX) fell 0.8%. Shale bellwether Continental Resources (CLR) dropped 3.4%. EOG Resources (EOG) lost 1.3%. Diamondback Energy (FANG) dipped 0.5%.
IBD'S TAKE: With oil prices rising again analysts say investors should look at top E&P companies in the Permian Basin and frac sand providers as way to start investing in the oil patch again.
The rise in rig counts comes after the Energy Information Administration said Thursday that U.S. crude production topped 9 million barrels per day for the first time in 10 months. Stockpiles rose by 564,000, below analyst expectations.
The EIA also said crude supplies at the key delivery hub in Cushing, Okla., fell by 1.6 million barrels to 63 million.
Earlier this week, Continental and Carrizo Oil & Gas (CRZO) reported mixed fourth-quarter results, while Oasis Petroleum (OAS) and Rice Energy (RICE) beat, Apache (APA) missed, and U.S. Silica's (SCLA) revenue beat.
EOG Resources will report Q4 earnings late Monday.
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