What was the U.S. oil and gas rig count as of May 8, and how does it compare to the same period last year?

The U.S. oil and gas rig count rose by one to 548 in the week to May 8, its highest level since early April; however, this total remains 30 rigs—or 5%—below the count from the same time last year.

How did oil and natural gas rig counts change individually in the latest Baker Hughes report, and what were their respective levels?

Oil rigs increased by two to 410—the highest since mid-April—while natural gas rigs decreased by one to 129—the lowest since late April; miscellaneous rigs remained unchanged at nine.

US Drillers Add Oil and Gas Rigs for Third Week in a Row, Says Baker Hughes

May 8, 2026

Baker Hughes reported U.S. oil and gas rig counts rose for the third consecutive week to 548, marking the longest streak since February. Despite the increase, total activity remains below last year's levels amid shifting EIA output projections.

reuters

2026-04-23

Baker Hughes tops estimates, says oilfield activity hit by Middle East disruptions

2026-05-08

US Drillers Add Oil and Gas Rigs for Third Week in a Row, Says Baker Hughes

2026-05-15

US Drillers Add Oil/Gas Rigs for Fourth Week in a Row, Says Baker Hughes

2026-06-12

US energy firms cut rigs for first time in eight weeks, Baker Hughes says

2026-06-22

Baker Hughes offers remedies to obtain EU nod for Chart deal