US rig count rises for first time in month, signaling potential uptick in field services demand
According to BOE Report, US drillers added oil and natural gas rigs for the first time in four weeks, with Baker Hughes reporting a one-rig increase to 551 total rigs in the week ending March 6. Oil rigs climbed four to 411 (highest since early February), while gas rigs dropped two to 132. Despite the weekly gain, the overall count sits 41 rigs below last year’s levels.
The increase comes as energy companies continue cautious spending approaches, with TD Cowen noting that 18 of 21 tracked E&P companies plan roughly 1% less capital expenditure in 2026 compared to 2025.
What It Means for Subcontractors
- Modest optimism warranted - First weekly increase suggests drilling activity may have bottomed out, potentially leading to more service work in coming weeks
- Still below 2025 levels - With rig count down 7% year-over-year, don’t expect a dramatic surge in demand for drilling-related services
- Oil focus continues - Four-rig oil increase versus two-rig gas decline reflects where operators see better economics, directing service demand toward oil-focused regions
