What does the latest Baker Hughes rig count report indicate about U.S. oil and gas drilling activity trends?

The latest Baker Hughes report shows U.S. energy firms added oil and natural gas rigs for a fourth consecutive week—the first such streak since September 2025—with the total rig count rising by three to 551, its highest level since late March. Oil rigs increased by five to 415 (the highest since November 2025), while gas rigs fell by one to 128 (the lowest since mid-April), and miscellaneous rigs declined by one to eight. Despite the recent uptick, the total rig count remains 25 rigs (4%) below year-ago levels, and the rig count has declined annually—by 20% in 2023, 5% in 2024, and 7% in 2025—due to lower U.S. oil prices prompting firms to prioritize shareholder returns and debt reduction over output growth.

How do U.S. oil and natural gas production forecasts for 2026 compare with 2025 levels, according to the U.S. Energy Information Administration (EIA)?

According to the U.S. Energy Information Administration (EIA), U.S. crude oil output is projected to rise slightly from a record 13.6 million barrels per day (bpd) in 2025 to 13.7 million bpd in 2026, driven by expected increases in West Texas Intermediate (WTI) crude spot prices amid geopolitical tensions related to the Iran war. On the natural gas side, EIA forecasts output will increase from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 110.6 bcfd in 2026—even though Henry Hub spot prices in Louisiana are expected to ease by about 1% in 2026.

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

May 15, 2026

U.S. energy firms added oil and natural gas rigs for a fourth consecutive week, reaching 551 total rigs according to Baker Hughes. The EIA projects crude output to rise to 13.7 million barrels per day in 2026 amid expected price increases.

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