What does the latest Baker Hughes rig count report indicate about U.S. oil and gas drilling activity trends as of July 10, 2025?

The latest Baker Hughes report shows the U.S. oil and gas rig count rose by one to 581 in the week ending July 10, 2025 — its highest level since May 2025 and the fourth consecutive weekly increase, the first such streak since early June. Oil rigs held steady at 445, gas rigs at 126, and miscellaneous rigs rose by one to 10; the total count is now 8% higher than a year earlier. This uptick follows three years of annual declines — 20% in 2023, 5% in 2024, and 7% in 2025 — driven by low oil prices prompting firms to prioritize shareholder returns and debt reduction over output growth.

How do the U.S. Energy Information Administration’s (EIA) 2026 production forecasts align with the recent rise in rig counts?

The EIA projects U.S. crude oil output will rise from a record 13.6 million barrels per day (bpd) in 2025 to 13.8 million bpd in 2026, and natural gas output will jump from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.3 bcfd in 2026 — both increases attributed to expected higher West Texas Intermediate (WTI) crude prices in 2026 due to Iran war–related supply disruptions, and rising gas demand for electricity generation (especially for data centers) and liquefied natural gas (LNG) exports.

US energy firms add rigs for fourth week in a row, says Baker Hughes

Jul 10, 2026

Baker Hughes reports U.S. oil and gas rig counts rose to 581 for the fourth consecutive week. The EIA forecasts increased crude and gas output in 2026 amid rising demand from data centers and LNG exports.

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US energy firms add rigs for fourth week in a row, says Baker Hughes

US energy firms add rigs for fourth week in a row, says Baker Hughes

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