According to Baker Hughes’ weekly rotary rig count released Friday, U.S. energy firms added two oil rigs and one natural-gas rig during the most recent reporting period. The total active rig count now stands at 690, with oil rigs rising to 565 and gas rigs climbing to 125. This uptick interrupts a three-week streak of flat activity, reflecting renewed drilling interest in the Permian Basin where oil rigs increased by three to 330. Investors will watch whether the elevated rig count translates into higher production later in the year as service costs and crew availability remain tight in key shale regions.

Baker Hughes is set to report fourth-quarter results next week, with consensus expectations projecting revenue growth of 5% year-over-year driven by its recent acquisition of Westinghouse Electric Company’s nuclear services business. Although softer Brent and WTI price realizations pressured upstream segment margins in the quarter, management indicated that nuclear aftermarket revenues and backlog from major U.S. LNG projects will partially offset macro headwinds. Analysts expect adjusted EBITDA of $1.7 billion and free cash flow of approximately $800 million, assuming integration costs of $150 million related to the nuclear deal. Investors will focus on guidance for 2026 capital expenditures—forecast near $1.8 billion—and any updates on cost synergies from the Westinghouse acquisition.