U.S. Drilling Rig Count Stabilizes at 539 After 14 Weeks of Decline

The US drilling rig count remains unchanged at 539, after a 14-week decline streak, according to Baker Hughes' weekly survey. Oil rigs increased by 4, while gas rigs decreased by 3. The stagnant count follows a string of declines, marking the first time the count has not fallen since mid-April.

The US drilling rig count remained unchanged at 539, following a 14-week streak of declines, according to Baker Hughes' weekly survey [1]. This marks the first time the count has not fallen since mid-April. Oil-directed rigs increased by 4 to 412, while gas-directed rigs decreased by 3 to 112. The total number of rigs drilling on land was unchanged at 524, and the offshore count remained at 13.

Louisiana gained 2 rigs to end the week with 36 rigs working, while Texas and Wyoming each dropped a rig, leaving respective counts of 242 and 13. The overall US drilling rig count was down 47 from this time last year. The increase in oil-directed rigs is a positive sign, but the decrease in gas-directed rigs indicates a continued focus on oil production.

Transocean Ltd., a major player in offshore drilling, reported a break-even result in Q2, outpacing expectations [2]. The company's adjusted earnings per share stood at 0 cents, beating the consensus of a 3-cent loss. Revenues reached $988M against a predicted $975.76M. Despite facing operational inefficiencies and a significant net loss, Transocean's strong financial results and increased backlog suggest potential future growth.

The US drilling rig count's stagnation is a mixed signal for the industry. While the increase in oil-directed rigs indicates a potential boost in oil production, the decrease in gas-directed rigs and the overall stagnant count suggest a cautious approach to drilling activity. The industry will continue to closely monitor these trends as they impact energy production and prices.

References:
[1] https://www.ogj.com/drilling-production/news/55310203/oil-rigs-drive-small-increase-in-canada-rig-count
[2] https://stockstotrade.com/news/transocean-ltd-switzerland-rig-news-2025_08_10/