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

The latest Baker Hughes report shows the U.S. oil and gas rig count rose by one to 563 in the week ending June 18 — its highest level since early June — marking the eighth increase in nine weeks; oil rigs held steady at 433, gas rigs rose by one to 122 (also their highest since early June), and miscellaneous rigs remained unchanged at eight; the total count is up nine rigs (2%) year-over-year.

How do recent trends in U.S. rig counts relate to projected changes in oil and natural gas production for 2026?

After annual declines in the rig count of 20% in 2023, 5% in 2024, and 7% in 2025 — driven by low oil prices and a corporate focus on shareholder returns and debt reduction — rising WTI crude prices are now expected in 2026 due to supply disruptions from the Iran war, prompting a rebound in drilling activity; accordingly, the U.S. Energy Information Administration (EIA) projects crude output will rise from a record 13.6 million barrels per day (bpd) in 2025 to 13.7 million bpd in 2026, while natural gas output is expected to jump from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026, fueled by growing demand for electricity generation (especially for data centers) and LNG exports.

US Energy Firms Add Rigs for Eighth Time in Nine Weeks, Says Baker Hughes

Jun 18, 2026

Baker Hughes reports U.S. oil and gas rig count rose to 563, the eighth increase in nine weeks. EIA projects crude output to reach 13.7 million bpd in 2026 driven by data center power demand and LNG exports.

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US Energy Firms Add Rigs for Eighth Time in Nine Weeks, Says Baker Hughes

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