US Oil, Gas Rig Count Inches Up As Drillers Proceed With Caution

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The number of oil rigs fell by 2—down by 20 compared to this time last year. The number of gas rigs rose by 3 to 102 for a loss of 17 active gas rigs from this time last year. Miscellaneous rigs was unchanged at 5.

The latest EIA data showed that U.S. crude oil production for the week ending February 21 edged higher to 13.502 million bpd. The figure is still almost 200,000 bpd shy of the all-time high reached during the week of December 6, 2024.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose to 210 during the week of February 21, compared to 203 in the week prior, and up from 201 at the beginning of the year. The latest data reflects the highest frac spread count this year.

There was a 1-rig bump in drilling activity in the Permian Basin, landing at 305 in the most prolific basin—a figure that is 10 fewer than this same time last year. The count in the Eagle Ford saw no change to the number of active drilling rigs, hovering at 48. Rigs in the Eagle Ford are 4 below where they were this time last year.

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