February 10, 2025
The latest Baker Hughes report shows that the U.S. rig count increased by 4 rigs this week, bringing the total to 586. This marks the second consecutive week of gains, following a rise of 6 rigs last week. Despite the recent uptick, the total rig count remains 37 rigs lower (-6%) compared to the same period last year.
Oil rigs increased by 1 to 480, while natural gas rigs gained 2 to 100. The offshore count also saw a slight rise, adding 1 rig to reach 14. Regional activity showed Texas, Louisiana, and Utah adding rigs, while Oklahoma and Kansas saw slight declines.
This update from Baker Hughes indicates a slight increase in the U.S. rig count, marking the second consecutive week of growth. Here are the key takeaways:
- Total U.S. Rig Count: Increased by 4 to 586, following a gain of 6 rigs the previous week.
- Year-over-Year Comparison: The total rig count is still down by 37 rigs (-6%) from the same period last year.
- Oil Rigs: Increased by 1 rig to 480.
- Gas Rigs: Increased by 2 rigs to 100.
- Miscellaneous Rigs: Increased by 1 rig to 6.
- Offshore Rigs: Gained 1 rig, totaling 14.
Regional Highlights
- Texas: Up by 1 to 278.
- Oklahoma: Down 2 to 43 (compared to 41 a year ago).
- North Dakota: Unchanged at 33.
- New Mexico: Steady at 106.
- Louisiana: Gained 2 to 31.
- Kansas: Dropped 2 to 15 (Red Top Rig Report).
- Colorado & Ohio: Steady at 9 rigs each.
- Pennsylvania: Unchanged at 15.
- Utah: Increased 1 to 12.
- West Virginia: Held steady at 10.
- Wyoming: Gained 1 to 20.
Basin Activity
- Permian Basin: Unchanged at 300.
- Eagle Ford: Added 2 rigs to 42.
- Williston Basin: Unchanged at 33.
This modest increase suggests a measured recovery in drilling activity, though the overall rig count remains below last year’s levels. The stability in the Permian Basin is notable, while the Eagle Ford showed the most growth this week.
