Baker Hughes Reports Steady US Oil and Gas Rig Count

The US oil and gas rig count remains steady this week, according to Baker Hughes. The company is a leading provider of systems and equipment for the oil and gas industry, with a revenue breakdown of 56.2% for well intervention, operation, drilling, and evaluation services, and 43.8% for gas turbines, compressors, and industrial services. 73.5% of its revenue is generated internationally.

The US oil and gas rig count remained steady this week, according to Baker Hughes, a leading provider of systems and equipment for the oil and gas industry. The company's latest report indicates that the rig count has shown resilience, with a total of 539 rigs operating as of August 8, 2025 [1].

Baker Hughes reported a slight increase in oil rigs, rising by one to 411, while gas rigs decreased by one to 123. The miscellaneous rig count also fell by one to five. In Texas, the largest oil and gas-producing state, the rig count dropped by two to 243, the lowest since October 2021. The Permian basin, a major U.S. oil-producing shale formation, saw a decline of three rigs to 256, the lowest since September 2021. The Eagle Ford shale in South Texas also experienced a decrease of one rig to 38, the lowest since October 2021 [1].

These changes reflect a broader trend in the industry, with energy firms focusing more on boosting shareholder returns and paying down debt rather than increasing output due to lower U.S. oil and gas prices over the past couple of years. Independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen plan to cut capital expenditures by around 4% in 2025 from levels seen in 2024 [1].

Despite the decrease in rig count, the U.S. Energy Information Administration (EIA) projects crude output to rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projects a 68% increase in spot gas prices in 2025, which is expected to prompt producers to boost drilling activity after a 14% price drop in 2024 [1].

Baker Hughes' financial performance in the second quarter of fiscal 2025 was robust. The company reported adjusted earnings per share (EPS) of $0.63, topping analyst expectations of $0.55. Revenue of $6.91 billion beat analyst estimates of $6.63 billion, but decreased 3% year over year. The Industrial & Energy Technology (IET) segment set a record backlog and saw strong orders, offsetting weakness in Oilfield Services & Equipment [2].

The IET segment, which focuses on gas turbines, digital monitoring, and clean energy infrastructure, saw GAAP revenue of $3.29 billion, up 5% from the prior year, and achieved an 18% rise in segment EBITDA to $585 million with margin expansion to 17.8%. Orders in IET reached $3.53 billion, pushing its backlog to a record $31.3 billion [2].

Baker Hughes also announced plans to acquire Chart Industries in a deal valued at $13.6 billion, which will deepen its reach in higher-growth markets. The acquisition is expected to strengthen its position in data centers and low-carbon technologies [3].

References:
[1] https://energynow.com/2025/08/us-drillers-cut-oil-and-gas-rigs-for-third-week-in-a-row-baker-hughes-says-2/
[2] https://www.aol.com/finance/baker-hughes-margin-expands-amid-145107484.html
[3] https://www.gasworld.com/story/baker-hughes-raises-industrial-outlook-on-record-orders-ahead-of-chart-deal/2163095.article/