US energy firms add rigs for fourth time in five weeks to highest since 2024, Baker Hughes says
XLE•US energy firms added five rigs in the week to October 9, bringing the total to 603, the highest since May 2024 and 56 rigs above a year earlier. Oil rigs rose six to 462, while gas rigs fell one to 132.
1. Rig count rises
The total US oil and gas rig count rose by five to 603 in the week to October 9, its highest since May 2024, Baker Hughes said. The tally was 56 rigs, or 10%, higher than a year earlier.
2. Oil and gas shifts
Oil rigs increased by six to 462, their highest since May 2025, while gas rigs declined by one to 132, their lowest since mid-September. Other miscellaneous rigs held at nine. In the Permian, the count rose by four to 274, its highest since June 2025.
3. Output projections
The rig count fell 7% in 2025, 5% in 2024 and 20% in 2023 as lower oil prices led energy firms to focus on shareholder returns and paying down debt. The EIA projected crude output would rise from a record 13.7 million barrels per day in 2025 to 13.9 million in 2026, and natural gas output would increase from 107.6 billion cubic feet per day to 112.2 billion.
