US rig count drops for third time in 2026 as Permian adds one rig
According to Permian Basin Oil & Gas Magazine, the US reported a declining count of active drilling rigs for only the third time in 2026, dropping by one rig to 550 total in Baker Hughes’ Feb. 27 weekly report. The Permian Basin bucked the trend by adding one rig to reach 240, while Texas held steady at 230 rigs.
The national count remains 43 rigs (7.25%) below last year’s 593, though it’s still up from the 545 rigs that started 2026. New Mexico added one rig to 102, while major basins like Haynesville (52 rigs), Eagle Ford (40), and Williston (28) stayed flat week-over-week.
What It Means for Subcontractors
- Stable to slightly declining rig activity suggests field services demand will remain steady through spring, with the Permian continuing to drive most new opportunities
- The 21% year-over-year drop in Permian rigs indicates ongoing pressure on day rates and utilization for drilling-related services compared to 2025’s stronger market
- Texas holding flat while New Mexico adds activity points to potential geographic shifts in where completion and production services work might emerge
