U.S. energy firms this week cut three oil rigs and added three natural gas rigs, keeping the overall rig count unchanged, energy services firm Baker Hughes said in its closely followed report on Friday.
After rising for three weeks in a row, the oil and gas rig count, an early indicator of future output, held at 551 in the week to February 13.
Baker Hughes said that left the total count down 37 rigs, or 6% below this time last year.
Baker Hughes said oil rigs fell by three to 409 this week, their lowest since early January, while gas rigs rose by three to 133, their highest since July 2023.
The oil and gas rig count declined by about 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.
With U.S. spot crude prices expected to fall for a fourth year in a row in 2026, the U.S. Energy Information Administration projected crude output would hold at 13.6 million barrels per day this year, matching 2025’s record high.
On the gas side, EIA projected output would rise from a record 107.6 billion cubic feet per day (bcfd) in 2025 to 110.0 bcfd in 2026, with spot prices at the Henry Hub benchmark in Louisiana forecast to jump by about 22% in 2026.
(Reporting by Scott DiSavino; Editing by Nia Williams)