July 14, 2025
U.S. drilling activity continues its downward slide, hitting its lowest level in nearly four years as operators scale back amid persistent market uncertainty. According to the latest data from Baker Hughes and Enverus, the national rig count has declined for the 11th consecutive week — the longest losing streak since the COVID-era downturn of mid-2020. Oil and gas producers remain cautious in the face of soft commodity prices, rising service costs, and a focus on capital discipline. The Permian Basin and Texas, two of the most active drilling regions, also reported notable year-over-year declines, reflecting broader trends across the shale patch.
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 Trends
- Total U.S. Rigs: 537 (↓ 2) – lowest since Oct 2021
- Oil Rigs: 424 (↓ 1) – lowest since Sept 2021
- Gas Rigs: 108 (unchanged)
- Misc. Rigs: 5 (↓ 1)
- YoY Comparison: Down 47 rigs (↓ 8%) from 584 in July 2024
- Oil rigs down 54 (↓ 11%)
- Gas rigs up 8 (↑ 8%)
📍 Regional Highlights
- Texas: 255 rigs (↓ 1) | Down 21 rigs YoY (↓ 8%)
- New Mexico: 90 rigs (unchanged)
- Oklahoma: 42 rigs (↓ 1) | Up 8 rigs YoY
- Permian Basin (Baker Hughes): 265 rigs (unchanged) | Down 40 YoY (↓ 13%)
📊 Enverus Data (week ending July 4)
- Total U.S. Rigs: 547 (↓ 2)
- Crude Rigs: 142 (unchanged) | Down 197 YoY (↓ 58%)
- Gas Rigs: 108 (↓ 1) | Down 28 YoY (↓ 21%)
▪️ Permian Basin (Enverus)
- Total: 258 rigs (↓ 1) | Down 31 YoY (↓ 11%)
- Delaware Basin: 145 rigs (unchanged) | Down 10 YoY
- Midland Basin: 98 rigs (↓ 2) | Down 20 YoY
▪️ Drilling Permits & Frac Crews
- Permits (30-day trailing): 714 (↑ from 712 last week) | Down from 816 YoY
- Frac crews: 100 (↑ from 91 last week) | Up from 93 YoY
🛢️ Top Operators (Enverus)
- ExxonMobil: 37 rigs (unchanged)
- Occidental: 27 rigs (↓ 1)
- ConocoPhillips: 26 rigs (unchanged)
🗺️ Permian County Breakdown
- Eddy (NM): 44 rigs (↓ 1)
- Lea (NM): 42 rigs (↑ 1)
- Reeves (TX): 28 rigs (unchanged)
- Martin (TX): 24 rigs (unchanged)
- Loving (TX): 21 rigs (↓ 2)
- Midland (TX): 17 rigs (↓ 3) – steepest weekly drop
- Upton (TX): 16 rigs (↓ 1)
- Reagan (TX): 12 rigs (↑ 2)
- Terry (TX): 1 rig (new activity)
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