The Baker Hughes rig count is the industry’s most-watched indicator of drilling activity. Published every Friday at 1:00pm ET, it shows how many rigs are actively drilling for oil and gas in the US, Canada, and internationally.
Why the Rig Count Matters
The rig count is a leading indicator of future oil production. More rigs today means more supply 3-6 months from now. Traders, analysts, and OPEC all watch this data closely.
How to Read the Data
- Total US rig count: Combined oil + gas rigs. Currently ~580 (down from 1,600+ in 2014).
- Oil vs gas split: Oil rigs (~480) dwarf gas rigs (~100), reflecting the shale revolution’s focus on liquids.
- Weekly change: Markets react to the direction. A surprise increase of 10+ rigs is bearish for oil prices.
- Basin breakdown: Permian Basin alone accounts for ~50% of US oil rigs. Permian rig count is the most important sub-indicator.
Key US Basins
- Permian Basin (TX/NM): ~280 rigs, the world’s most active oil play
- Eagle Ford (TX): ~50 rigs, mature but still productive
- DJ-Niobrara (CO): ~15 rigs, Wattenberg field focus
- Bakken (ND): ~25 rigs, the original shale play
- Haynesville (LA/TX): ~35 rigs, the top gas-directed basin
Historical Context
The US rig count peaked at 1,609 in October 2014 before the oil price crash. It bottomed at 244 in August 2020 during COVID. The recovery has been disciplined — producers are generating returns instead of chasing growth, keeping the rig count structurally lower.
Track Live Rig Count Data
View the latest Baker Hughes rig count on our Oil Prices & Market Dashboard, updated every Friday after the release.