Baker Hughes: US Rig Count Slips to 587 Despite Oil Near $100
Oilprice.com reports that the US rig count dropped even as crude prices held near $100 a barrel, based on Baker Hughes data published Friday. The total active rig count fell to 587, still up 45 from a year ago. Oil-directed rigs slipped by 2 to 450, while gas rigs rose by 1 to 127. Miscellaneous rigs held steady at 10.
The pullback wasn’t isolated to the national count. The Permian Basin lost 1 rig, falling to 258, now 2 below year-ago levels, while the Eagle Ford held flat at 47 rigs. Separately, EIA data showed weekly US crude production dipped to 13.798 million bpd, down from 13.861 million bpd the prior week, though still up 525,000 bpd year-over-year. Primary Vision’s Frac Spread Count, which tracks completion crews, fell by 4 to 196, following a drop of 5 the week before. Brent crude was trading at $95.96 on Friday, still up more than $8 a barrel from the prior week, while WTI sat at $88.30.
What It Means for Subcontractors
- Drilling and completion crews should note the Permian’s 1-rig decline to 258 and the frac spread count’s drop to 196 crews before assuming price strength near $100 will translate into new pad awards.
- Eagle Ford activity held flat at 47 rigs, so subcontractors serving that basin can expect steady, not expanding, near-term workloads compared to the Permian’s softening trend.
- Gas-directed rigs edged up to 127, a signal that E&I and pipefitting crews tied to gas plays may see more stable demand than those focused purely on oil-directed drilling.
