Baker Hughes U.S. Rig Count Holds at 603 as Permian Slips to 272 and Canada Drops Five to 217

The U.S. rig count held at 603 in the week ended Oct. 16, according to Baker Hughes, as the Permian Basin lost two rigs and Canada's count fell by five to 217. The flat total follows a five-rig gain the previous week that lifted U.S. activity to its highest level since May 17, 2024, when Baker Hughes counted 604 rigs.

Baker Hughes U.S. Count Steady at 603 Rigs

Oil-directed rigs fell three to 459, gas rigs rose one to 133 and miscellaneous rigs rose two to 11, Baker Hughes data show. The U.S. total stood at 595 on Sept. 18, 599 on Sept. 25 and 598 on Oct. 2 before reaching 603 on Oct. 9. Compared with 548 rigs a year earlier, the count is up 55, or 10.0%.

Permian Basin Slips to 272 From a 16-Month High

The Permian fell to 272 rigs from 274 the previous week. The Oct. 9 figure was the basin's highest since June 6, 2025, when Baker Hughes counted 275. The Permian is up 21 rigs from 251 a year earlier.

Elsewhere, the Haynesville fell one to 56 and the Arkoma Woodford fell to zero. The Barnett rose one to two and the Granite Wash rose one to 21. The Eagle Ford held at 49, the Williston at 35, the Marcellus at 23 and the DJ-Niobrara at 10. Our Oct. 9 rig count report covered the prior week.

Five Basins Hold 70% of U.S. Rigs

The Permian holds 45.1% of the U.S. count. Together with the Eagle Ford, Williston, DJ-Niobrara and Haynesville, the five basins hold 422 of 603 U.S. rigs, or 70.0%, Oil Authority calculations from Baker Hughes data. The Haynesville, a gas basin that supplies feedgas to Gulf Coast LNG export terminals, has added 15 rigs from 41 a year earlier, a 36.6% increase.

Not every basin has grown. Compared with the week ended Oct. 17, 2025, the Utica is down to 10 rigs from 14 and the Cana Woodford to 19 from 21, while the Granite Wash is up to 21 from 14 and the Eagle Ford to 49 from 44. The Williston has added five rigs to 35, and the DJ-Niobrara is down one at 10. Oil-directed rigs make up 76.1% of the U.S. total.

Canada Rig Count Falls to 217, Alberta at 154

Baker Hughes counted 217 rigs in Canada, down from 222, including 150 oil rigs and 65 gas rigs. Alberta accounted for 154. The Canadian count is up 19 from 198 a year earlier. Alberta Treasury Board and Finance reported front-month WTI at US$97.97 on Oct. 15 and the WTI-WCS differential at US$24.96, implying Western Canada Select near US$73.01.

Brent Settles at $109.86 as Rigs Hold

ICE Brent December futures settled at $109.86 per barrel on Oct. 16, up $3.94 or 3.7%, after settling at $105.92 on Oct. 15. The U.S. Energy Information Administration's WTI spot price at Cushing, Oklahoma, rose to $108.21 on Oct. 16 from $94.99 on Oct. 12. A flat rig count during a week of rising prices is typical, because operators contract rigs and plan drilling pads weeks ahead of spud dates.

EIA Forecasts 13.9 Million Bpd U.S. Crude Output in 2026

The EIA forecasts U.S. crude production at 13.9 million barrels per day in 2026 and 14.3 million in 2027, up from 13.7 million in 2025, according to its October Short-Term Energy Outlook. Weekly output was 13.68 million barrels per day in the week ended Oct. 9, the EIA said. The agency also forecasts U.S. LNG gross exports rising from 18 billion cubic feet per day in 2026 to 19 billion in 2027, which supports continued Haynesville activity.

Baker Hughes and EIA Data Due Next

Baker Hughes publishes its next count on Oct. 23, and Alberta's weekly indicators report on the same day will update the WCS differential for Canadian producers. The EIA's weekly petroleum report on Oct. 21 will show whether domestic production holds after the 300,000 barrel per day decline reported for the week ended Oct. 9.