Oklahoma’s oil and gas sector continues to show stability in the near term, but a closer look reveals a market that has cooled compared to last year. According to the latest Baker Hughes rig count, the state held steady at 43 active rigs week-over-week, signaling consistent drilling activity despite broader market shifts.

However, the year-over-year comparison tells a different story. Oklahoma’s rig count has declined from 55 rigs this time last year to 43 today, a drop of roughly 22%, reflecting reduced capital deployment and a more disciplined approach from operators.

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Drilling activity remains highly concentrated in a few key plays. The Cana Woodford leads with 20 rigs, followed by the Granite Wash with 17 rigs, together accounting for the vast majority of activity in the state. Outside of these core areas, activity is minimal. The Ardmore and Arkoma Woodford plays each reported just one active rig, while the Mississippian remains inactive.

This trend suggests that while Oklahoma is maintaining a steady operational base, it is no longer a primary growth engine compared to more active regions like the Permian Basin. Operators appear focused on optimizing existing assets rather than expanding aggressively.

For oilfield service companies and suppliers, the opportunity in Oklahoma lies in targeting established operations within the Cana Woodford and Granite Wash, where consistent activity continues to support ongoing demand.

Top 5 Operators (by record count)

1. Mewbourne Oil Company — 5 wells

Contractors & Rigs:

• Patterson 573
• Patterson 576
• Latshaw 15
• Patterson 291
• Patterson 591

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2. Continental Resources — 4 wells

Contractors & Rigs:

• H&P 544
• Latshaw 42
• Cactus 170
• Patterson 589

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3. Validus Energy — 3 wells

Contractors & Rigs:

• H&P 459
• H&P 300
• H&P 388

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4. Camino Natural Resources, LLC — 3 wells

Contractors & Rigs:

• Cactus 154
• Cactus 160
• Cactus 168

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5. Warwick Energy Group — 2 wells

Contractors & Rigs:

• Cactus 135
• Cactus 129

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Top 3 Counties (by record count)

1. Grady County — 8 wells

Contractors & Rigs:

• Cactus 135
• Cactus 129
• Latshaw 42
• Cactus 170
• Patterson 589
• Cactus 154
• Cactus 160
• Cactus 168

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2. Custer County — 8 wells

Contractors & Rigs:

• H&P 300
• Patterson 283
• Patterson 573
• Patterson 576
• Atlas 6
• Cyclone 43
• Cactus 126
• Kenai 19

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3. Roger Mills County — 8 wells

Contractors & Rigs:

• Edge Services 802
• Power Rig 8
• Power Rig 1
• Latshaw 15
• Patterson 291
• Patterson 591
• Stamper 1
• Power Rig 7

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Key Insight

• Activity is clustered among a small group of operators, with Mewbourne and Continental leading.
• Cactus, Patterson, and H&P rigs dominate across both operators and counties.
• The Grady–Custer–Roger Mills corridor represents the core of current drilling momentum.

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