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"The oil and gas rig count remained at 589 in the week to Dec. 20, down 31 rigs or 5% from this time last year. Oil rigs were up one to 483, while natural gas rigs were down one to 102. The oil and gas rig count has been declining since 2023 due to lower oil and gas prices, higher labor and equipment costs, and companies focusing on debt repayment and shareholder returns."
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