The number of active drilling rigs operating in the United States held steady for the second consecutive week, with the total remaining at 603 rigs according to data released by Baker Hughes on Friday. This represents a year-over-year increase of 53 rigs compared to the same period last year.
Within the total count, active oil rigs increased by one to reach 460 during the latest reporting period, which is 40 rigs above levels from the prior year. Gas rigs declined by one to 132, though this still represents an 11-rig increase relative to last year. Miscellaneous rigs remained unchanged at 11.
Crude oil production metrics showed a decline during the week ending October 16. U.S. crude oil production averaged 13.269 million barrels per day, down from 13.679 million barrels per day in the previous week and down 360,000 barrels per day compared to a year ago. Meanwhile, Primary Vision’s Frac Spread Count, which tracks the number of crews actively completing wells, fell by 4 crews to 199 during the same period—marking the first decline in six weeks, though the count remains 24 crews higher year-over-year.
Regional activity in major shale plays showed mixed results. The Permian Basin rig count remained flat at 272, maintaining a 22-rig advantage over year-ago levels, while the Eagle Ford saw an increase of 2 rigs to 51, representing an 8-rig gain compared to the prior year.
Oil prices rose significantly on Friday prior to the data release, with Brent crude trading at $116.52 per barrel, up 2.96 percent on the day and $11 per barrel higher than the previous week. West Texas Intermediate crude also advanced, reaching $102.88 per barrel with a 3.43 percent daily gain, though it registered a nearly $5 per barrel increase from the previous week.
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