The oil and gas sector may be facing daily volatility—just look at the XOP energy ETF, which recently suffered its worst daily performance since early August—but Baker Hughes continues to carve out a strong position in the global energy transition. Under the leadership of CEO Lorenzo Simonelli, the company is strategically diversifying beyond traditional oilfield services and leaning into long-term growth themes: natural gas, LNG exports, digital efficiency, and the rise of power-hungry data centers.

The U.S. drilling landscape continues to show signs of strain as the Baker Hughes rig count slipped by two last week, leaving 536 rigs active nationwide.

Baker Hughes released its latest rig count on Friday, showing a slight pullback in U.S. drilling activity. The total U.S. rig count slipped by one to 538, as oil rigs declined while gas rigs held steady.

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.

According to the latest Baker Hughes Rig Count, the total number of active rigs rose by seven—the largest weekly gain since December

The national rig count has declined for the 11th consecutive week — the longest losing streak since the COVID-era downturn of mid-2020.

As the U.S. energy sector grapples with shifting market dynamics, the latest Baker Hughes rig count highlights a continued decline in drilling activity nationwide. With the total active rig count falling to 539—down 8 from the previous week and 46 below year-ago levels—states like Oklahoma are beginning to mirror the broader contraction.

The U.S. oil and gas drilling sector continues its downward trend as the Baker Hughes rig count fell for the ninth consecutive week, marking the longest streak of declines since mid-2020. For the week ending June 28, 2025, the total active rig count dropped by 7 to 547 — a 6% decline year-over-year.

U.S. drilling activity continued its downward trend this week, with the total rig count falling by one to 554, according to the latest Baker Hughes report. Oklahoma saw a notable drop, losing two rigs to end the week at 47—despite being up from 35 rigs one year ago.

According to the latest Baker Hughes report, the total number of active rigs fell by 4 to 559, the lowest level since November 2021. Oil rigs drove the decline with a loss of 9, while gas rigs rebounded with a gain of 5. Several major basins, including the Permian and Eagle Ford, recorded new lows.