US Rig Count Hits Seven-Week Growth Streak, Longest Run Since 2022
According to a Reuters report via BOE Report, US energy firms added rigs for a seventh straight week, the longest such streak since May 2022. Baker Hughes reported the total oil and gas rig count climbed by one to 563 for the week ending June 5, its highest level since May 2025. Oil rigs rose by two to 431, while gas rigs fell by one to 124. The total count now sits four rigs, or 1%, above the same period last year.
What It Means for Subcontractors
- Seven consecutive weeks of rig additions signal sustained drilling demand heading into Q3, giving field service companies more confidence in near-term workload forecasting.
- Oil rigs hitting their highest count since June 2025 points to increased activity in key US basins, which typically drives demand for completions crews, rental equipment, and wellsite services.
- After three straight years of rig count declines (20% in 2023, 5% in 2024, 7% in 2025), this streak suggests the contraction cycle may be turning, but subcontractors should watch pricing discipline carefully before scaling capacity.
