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Update: US Active Rig Count Rises by 7, Baker Hughes Says

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(Updates to include additional details.)

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by seven to 558 in the week ending May 22, according to data from Baker Hughes (BKR) released Friday.

The US oil rig count rose by 10 from 415 the previous week to 425, while the number of gas rigs dropped by three from 128 the previous week to 125.

The number of miscellaneous rigs in the US held steady at eight from last week, the data revealed. The US had 455 oil, 108 gas, and three miscellaneous rigs in operation a year earlier.

The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 21 to 696 from 675 the previous week.

Price: $65.99, Change: $+0.19, Percent Change: +0.29%

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US Active Rig Count Rises by 7, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by seven to 558 in the week ending May 22, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by 10 from 415 the previous week to 425, while the number of gas rigs dropped by three from 128 the previous week to 125.Price: $65.96, Change: $+0.16, Percent Change: +0.24%

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Commodities

US Active Rig Count Rises by 7, Baker Hughes (BKR) Says

US Active Rig Count Rises by 7, Baker Hughes (BKR) Says

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Canadian Rig Count Rises By 10, Hits Multi-Year High, RBC Says

Canada's oilfield services activity strengthened last week, with the Western Canadian Sedimentary Basin rig count rising by 10 over the week to 151, RBC Capital Markets strategists said in a note on Thursday.RBC analysts said the latest reading places total active rigs 26 above 2025 levels and 35 above the five-year average.The quarter-to-date average of 151 rigs has already exceeded RBC's Q2 estimate of 143, with additional seasonal strength expected in the second half of the quarter. Based on five-year trends, RBC said rig activity typically rises by about 26% over the last half of the quarter.By operator grouping, activity among private producers increased by six rigs week-over-week, while large exploration and production producing over 75 barrels of oil equivalent per day held steady.Montney, Canada's largest gas and liquids play, activity held steady week-over-week at 34 rigs. RBC said the key operators include Tourmaline Oil, with five rigs, and Ovintiv, with four rigs.Drilling activity remains dominated by Precision Drilling (PDS), which accounted for 21 rigs or 62% of total activity in the play, followed by Ensign Energy and Savanna.Drilling in the Duvernay also held flat at 17 rigs, with operators including Paramount Resources, Whitecap Resources, and Canadian Natural Resources (CNRL). On the services side, Ensign led with six rigs, followed by Fox and Jomax.Southeast Saskatchewan saw a modest uptick, rising by six rigs over the week to nine, while oil sands and heavy oil activity increased by four rigs to 54.Canadian Natural Resources led activity with 12 rigs in the oil sands segment, followed by Cenovus Energy (CVE) and Spur. Precision Drilling (PDS) remained the dominant contractor in the oil sands, running 30 rigs or 56% of total activity.On capital discipline, RBC's Canadian E&P coverage projects $10.2 billion in pre-dividend free cash flow in 2026 and $9.5 billion in 2027, based on current futures pricing.RBC said the estimates imply reinvestment rates of 55% in 2026 and 57% in 2027, below the five-year trailing average of 64%, suggesting continued emphasis on shareholder returns across the sector despite elevated activity levels.

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