U.S. energy firms left the overall rig count unchanged in the latest week, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, held at 588 in the week to August 28.
Baker Hughes said the total count was still up 52 rigs, or 9.7%, from this time last year.
It said oil rigs fell by five to 447 this week, while gas rigs rose by five to 132 and other miscellaneous rigs remained unchanged at nine.
In the Permian, the nation’s biggest oil-producing shale basin in West Texas and eastern New Mexico, the rig count was unchanged at 267.
In Texas, the state with the most rigs, the rig count rose by one to 282, the most since February 2025.
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 spot U.S. West Texas Intermediate crude prices are expected to rise in 2026 due to supply disruptions in the Middle East from the Iran war after declining in 2023, 2024, and 2025.
(Reporting by Noel John in Bengaluru; Editing by Kirsten Donovan)