April 7, 2025
As the oil and gas industry continues navigating price volatility and shifting capital strategies, the latest rig count data from Baker Hughes and Enverus reveals a mixed picture. While Oklahoma, New Mexico, and several other key states held steady in drilling activity, the national rig count dipped again—driven largely by a sharp decline in natural gas rigs. The Permian Basin, in particular, saw a notable drop, reaching its lowest rig total since February 2022. Meanwhile, oil rig activity ticked upward, reflecting continued investment in high-return plays despite overall caution across the sector.
U.S. Rig Count Trends – Week Ending March 28, 2025
📉 Overall U.S. Activity:
- Total rigs: 590 (↓2 from last week, ↓30 YoY)
- Oil rigs: 489 (↑5 from last week, ↓19 YoY)
- Gas rigs: 96 (↓7 from last week, ↓14 YoY)
- Misc rigs: 5 (unchanged)
- Offshore rigs: 14 (unchanged)
📍 Oklahoma:
- Flat at 53 rigs, up 9 YoY
📍 Texas:
- Down 3 rigs to 277, down 20 YoY
📍 New Mexico:
- Holding steady at 101 rigs
📍 Permian Basin:
- Down 3 rigs to 294, lowest since Feb 2022
- YoY: ↓23 rigs or 7%
Hot Counties in the Permian:
- Eddy County, NM: 51 rigs (steady)
- Lea County, NM: 47 rigs (steady)
- Martin County, TX: +1 to 27
- Midland County, TX: −2 to 26
- Reeves County, TX: Flat at 22
- Loving County, TX: −1 to 19
- Upton County, TX: +1 to 16
- Reagan County, TX: Flat at 12
- Ward County, TX: −1 to 11
📊 Enverus Comparison:
- Total U.S. rigs: 576 (↓11 weekly, ↓36 YoY)
- Permian Basin: 280 (↓11 weekly, ↓20 YoY)
- Delaware Basin: 165 (↓3 weekly)
- Midland Basin: 97 (↓6 weekly)
📈 Permian Drilling Permits (Trailing 30 Days):
- 780 permits (↓15 from last week, ↑31 YoY)
- Frac crews: 104 (↓1 weekly, ↓8 YoY)
🔝 Top Operators by Active Rig Count (Enverus):
- ExxonMobil: 37 (↑1)
- ConocoPhillips: 29 (↓1)
- Occidental: 29 (unchanged)
This week’s rig count reflects a market in transition—steady oil drilling in some regions, sharp pullbacks in gas, and an overall trend of strategic restraint by operators. With the Permian Basin hitting a two-year low in rig activity and gas drilling at its weakest point since late 2024, service companies and suppliers should be paying close attention to where the action remains strong—like Eddy and Lea counties—and where demand may shift next. Staying agile and informed will be key as the industry recalibrates heading into Q2 2025.
