(Reuters) – U.S. energy firms had the biggest weekly increase in rigs since June 2022, energy services firm Baker Hughes said in its report on Friday.
The total oil and gas rig count, an early indicator of future output, rose by 10 in the week to June 26, the largest weekly jump in four years.
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The total reached 573, the highest since May 2025.
Baker Hughes said this week’s increase puts the total rig count up 26 rigs, or 5% above this time last year.
The company said oil rigs climbed by seven to 440 this week, their highest since June 2025.
Gas rigs rose by three to 125, and other miscellaneous rigs held at eight.
The oil and gas rig count declined by 7% in 2025, 5% in 2024, and 20% in 2023 as lower U.S. oil prices prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.
But after declining in 2023, 2024, and 2025, spot U.S. West Texas Intermediate (WTI) crude prices are expected to rise in 2026 due to supply disruptions from the Iran war.
The U.S. Energy Information Administration (EIA) projected crude output would grow from a record 13.6 million barrels per day (bpd) in 2025 to 13.7 million bpd in 2026.
On the gas side, EIA projected output would jump from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026 as demand for the fuel expands to produce electricity for power-hungry data centers and for export as liquefied natural gas.
Reporting by Scott DiSavino; Editing by Cynthia Osterman
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