Overview of Rig Count Increase#
U.S. energy companies have added oil and natural gas rigs for the second week in a row, according to data from Baker Hughes, an energy services firm. This marks the first consecutive increase since mid-March.
Current Rig Count Statistics#
In the week ending May 1, the total count of oil and gas rigs rose by three, bringing the total to 547. This is the highest level observed since early April. Specifically, oil rigs increased by one to reach 408, while gas rigs also saw a rise of one, totaling 130. Additionally, miscellaneous rigs went up by one to nine.
Year-Over-Year Comparison#
Despite the recent increases, the overall rig count is still down by 37 rigs, or 6%, compared to the same time last year. The rig count has been on a decline in recent years, with decreases of 7% in 2025, 5% in 2024, and a significant 20% in 2023. This trend is largely attributed to lower oil prices, which have led energy companies to focus on returning profits to shareholders and reducing debt rather than expanding production.
Importance of Rig Count#
The rig count is an important early indicator of future oil and gas production. An increase in rigs typically suggests that companies are preparing for higher output in the coming months, while a decline can indicate reduced production expectations.