US Energy Firms Add Rigs for Third Week, Highest Count Since May 2024
US energy firms have been increasing their rig count for three consecutive weeks, marking a significant milestone since July. According to Baker Hughes' closely followed report, the total oil and gas rig count rose by four to 599 in the week ending September 25. This is the highest level seen since May 2024.
The increase puts the current rig count at 50 rigs above this time last year, representing a 9% growth. Baker Hughes reported that oil rigs rose by three to 455, their highest since mid-August. Gas rigs also saw an increase of one to 135, reaching its highest level since July 2023.
The Permian Shale in West Texas and eastern New Mexico witnessed a rise in rig count by one to 270, its highest since June 2025. Oklahoma's rig count also increased by one to 52, the highest since May 2025. The US Energy Information Administration (EIA) projects that crude output will increase from a record 13.7 million barrels per day (bpd) in 2025 to 13.8 million bpd in 2026.