U.S. energy firms expanded drilling activity for the fifth consecutive week, according to data released Friday by energy services firm Baker Hughes (NYSE:BKR). The total rig count rose by seven to 558 in the week ending May 22, bringing the tally to its highest point since June 2025.
The increase reflected a notable rise in oil-directed drilling. Oil rigs climbed by 10 to 425, the largest single-week addition since February 2023 and the highest oil rig total since July 2025. By contrast, natural gas rigs slipped by three to 125, marking their lowest level since mid-April. Miscellaneous rigs remained unchanged at eight.
Despite the recent weekly gains, Baker Hughes reported that the overall rig count is still down eight rigs, or 1%, compared with the same period a year earlier.
Context on recent trends was provided by the Baker Hughes figures showing longer-term reductions in U.S. rig activity. The total rig count has declined across multiple recent years, falling 7% in 2025, 5% in 2024, and 20% in 2023. During this period, lower U.S. oil prices led energy companies to emphasize returning cash to shareholders and paying down debt rather than boosting production.
The latest snapshot highlights a divergence between oil and gas drilling activity: oil rigs posted a sizeable weekly gain, while natural gas rigs moved lower. The report from Baker Hughes is the source for the weekly counts and the year-over-year comparisons cited above.
Further movement in the rig count in coming weeks will continue to be tracked by market participants and industry observers using Baker Hughes' regularly published rig counts. For now, the data show a short-term run of rising activity dominated by oil-directed rigs, set against a backdrop of recent multi-year declines and corporate capital allocation choices influenced by prior oil price weakness.