Key insights
- The US rig count increased for the fifth straight week, signaling potential increased energy production. Oil rigs saw the largest weekly increase since February 2023. While the current count is still slightly below last year's levels, the upward trend suggests energy companies are beginning to invest in production expansion, potentially impacting energy prices and related equities.
Investing.com -- U.S. energy companies added oil and natural gas rigs for the fifth consecutive week, marking the longest streak of increases since February 2025, according to data released Friday by energy services firm Baker Hughes (NYSE:BKR).
The total rig count climbed by seven to 558 in the week ending May 22, reaching its highest level since June 2025. Oil rigs increased by 10 to 425, the most since July 2025, representing the largest single-week addition since February 2023. Natural gas rigs decreased by three to 125, their lowest point since mid-April, while miscellaneous rigs remained unchanged at eight.
The current total count remains down eight rigs, or 1%, compared to the same period last year, Baker Hughes reported.
The rig count has declined over recent years, falling 7% in 2025, 5% in 2024, and 20% in 2023. Lower U.S. oil prices during this period led energy companies to prioritize shareholder returns and debt reduction over production expansion.
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