The contraction was broad, with active oil rigs dropping by three to 452 and gas rigs slipping by one to 127. This pullback in exploration contrasts with sustained production levels; U.S. crude output reached an average of 13.830 million barrels per day for the week ending August 14, up from 13.805 million the previous week. Completion activity also slowed, as Primary Vision’s Frac Spread Count fell by three to 193 crews.
US Drilling Rigs Decline Despite Climbing Crude Prices
Domestic drilling activity contracted this week even as oil markets pushed higher, with the total U.S. rig count sliding to 588. Baker Hughes data released Friday shows the retreat despite Brent crude prices surging toward $94.23 per barrel, marking a notable $7 increase over the past seven days.
Regional performance remains uneven against this national trend. While overall numbers dipped, the Permian Basin added two rigs to reach 267, and the Eagle Ford basin grew by one to 50. Despite these localized gains, the broader industry caution persists even as WTI trades at $86.92. The decoupling of rig counts from rising prices highlights a shift in operator strategy, prioritizing existing output efficiency over new exploration in the current market cycle.
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