Aug 18, 2025
U.S. drilling activity steadied this week after a three-week decline, signaling a pause in the sector’s recent slowdown. Baker Hughes reported the total rig count holding at 539, unchanged from last week but down 8% year-over-year. While oil-directed rigs ticked higher and gas rigs slipped slightly, the broader picture remains one of restrained activity, with the Permian Basin and Texas sliding to their lowest levels since 2021. Enverus data painted a similar picture, showing modest week-over-week gains nationally but continued year-over-year declines across key shale plays.
Here’s a structured summary and analysis of the latest U.S. rig activity based on the Baker Hughes data and broader market context:
U.S. Rig Count (Baker Hughes – Aug. 15, 2025)
- Total rigs: 539 (unchanged week-over-week)
- Down 47 rigs (-8%) from 586 rigs a year ago.
- Oil rigs: 412 (+1 WoW)
- Down 71 rigs (-15%) YoY from 483.
- Gas rigs: 122 (-1 WoW)
- Up 24 rigs (+24%) YoY from 98.
- Miscellaneous rigs: 5 (unchanged)
- Offshore rigs: 13 (unchanged).
Regional Highlights (Baker Hughes)
- Texas: 242 rigs (–1 WoW) → lowest since Sept. 2021; down 31 rigs (–11%) YoY.
- New Mexico: 95 rigs (flat).
- Oklahoma: 43 rigs (flat, +6 YoY).
- North Dakota: 29 rigs (flat).
- Louisiana: 36 rigs (+2 WoW).
- Wyoming: 13 rigs (–1 WoW), lowest since Aug. 2024.
- Other states (Colorado, Alaska, California, Ohio, Pennsylvania, Utah, West Virginia) were unchanged.
- Kansas (Red Top Rig Report): 20 rigs (flat).
Permian Basin (Baker Hughes)
- Total: 255 rigs (–1 WoW) → lowest since Sept. 2021; down 48 rigs (–16%) YoY.
- County-level details:
- Lea (NM): 50 rigs (flat).
- Eddy (NM): 37 rigs (flat).
- Midland (TX): 21 rigs (–3).
- Loving (TX): 21 rigs (flat).
- Reeves (TX): 20 rigs (–1).
- Martin (TX): 17 rigs (–2).
- Upton (TX): 15 rigs (flat).
- Reagan (TX): 12 rigs (+1).
- Glasscock (TX): 10 rigs (–1).
Macro Trends
- U.S. rig count is stabilizing after a three-week downturn.
- Permian Basin activity is at its lowest since 2021, with multiple Texas counties seeing weekly declines.
- Independent E&Ps are cutting 2025 capex by ~4%, after flat 2024 spending.
- EIA forecasts:
- Oil output: 13.4M bpd in 2025 (up from 13.2M in 2024).
- Gas output: 106.4 Bcf/d in 2025 (vs. 103.2 Bcf/d in 2024).
- Gas prices expected to rise 65% in 2025, potentially spurring renewed drilling
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