That brings the rig count down from a post-pandemic high of 784 in December 2022 due to a drop in oil and gas prices. With oil and gas prices down, 14 of the independent exploration and production companies tracked by U.S. financial services firm TD Cowen said they planned to cut spending by about 4% in 2024 versus 2023. Much of that extra 2023 spending, however, went to cover rising inflation-related costs for labor and equipment as many firms remain more focused on returning money to investors and paying down debt rather than boosting oil and gas production.