The total US oil and gas rig count held at 603 in the week to October 16, according to Baker Hughes. That is 55 rigs, or 10%, above the level of a year earlier. The rig count is an early indicator of future output.
Under the unchanged total, oil rigs fell by three to 459. Gas rigs rose by one to 133. Miscellaneous rigs rose by two to 11, which Baker Hughes said is the highest since January.
Rig count after three years of decline
The total count declined in each of the past three years, with 2023 the steepest at 20%. It fell 5% in 2024 and 7% in 2025. Lower US oil prices led energy firms to put more weight on shareholder returns and paying down debt than on raising output.
The outlook has changed. Spot US West Texas Intermediate (WTI) crude prices are expected to rise in 2026 for the first time in four years because of supply disruptions from the Iran war.
EIA output projections
The US Energy Information Administration (EIA) projects that crude output will rise from a record 13.7 million barrels per day (bpd) in 2025 to 13.9 million bpd in 2026.
For gas, the EIA projects output will jump from a record 107.6 billion cubic feet per day (bcfd) in 2025 to 112.2 bcfd in 2026. The agency ties that growth to rising demand for gas to generate electricity for power-hungry data centers and to make liquefied natural gas (LNG) for export.
| Rig type | Count | Weekly change |
|---|---|---|
| Oil | 459 | down 3 |
| Gas | 133 | up 1 |
| Miscellaneous | 11 | up 2 |
| Total | 603 | unchanged |
