US Oil Rigs Rise to 431 as Baker Hughes Weekly Count Hits 563 for June 5, Permian Basin Holds at 242

Baker Hughes counted 563 active US drilling rigs for the week of June 5, 2026, up one from 562 the prior week, per its weekly count published Friday. Oil rigs rose two to 431. Gas rigs fell one to 124.

Oil Rigs Climb While Gas Rigs Retreat

US oil rigs have climbed steadily over the past five weeks, advancing from 408 on May 1 to 431 by June 5, a gain of 23 rigs or 5.6%, per Baker Hughes weekly data. Gas rigs moved in the opposite direction, falling from 130 on May 1 to 124 by June 5, a decline of six rigs or 4.6%. Henry Hub natural gas futures for July delivery were at $3.30 per MMBtu as of May 29, per CME Group data. That price level has dampened the economics of new gas-focused drilling, pushing capital toward oil-weighted targets where operating margins remain positive.

Permian Basin Holds at 242, Down 16% Year Over Year

The Permian Basin held steady at 242 active rigs for the week of June 5, unchanged from the prior week, per Baker Hughes data as compiled by the American Oil and Gas Reporter. That figure is 47 rigs below the 289 active in the Permian one year ago, a year-over-year decline of 16.3%. The overall US total rig count also trails last year, sitting 11 rigs below the equivalent week in 2025, per Baker Hughes tracking. Sustained drilling efficiency gains have allowed Permian producers to sustain output with fewer rigs than prior price cycles required.

Well Economics at Current WTI Prices

WTI front-month futures fell to $90.54 per barrel on Friday on CME, down 2.69% on the session, per CME Group data. Brent crude futures settled at $94.66 per barrel on Friday's ICE close, per ICE Futures Europe, down 2.9% from Thursday's session. Tier-1 Delaware Basin breakeven costs run $50 to $55 per barrel WTI, per operator well-economics disclosures from major Permian producers. At $90.54 WTI and the $52.50 midpoint breakeven, each barrel clears $38.04 of operating margin before royalties and severance. A new Permian horizontal well producing 1,000 barrels per day in its first month generates $1.14 million in operating cash over 30 days at that margin, based on Oil Authority's calculation.

Oil-to-Gas Rig Ratio Widens to 3.48 to 1

The divergence between rising oil rigs and falling gas rigs reflects one of the sharper splits in US drilling activity this year. Gas-focused basins including the Haynesville Shale and Marcellus Shale saw rig activity pare back as Henry Hub economics softened relative to oil-weighted returns. Baker Hughes data show gas rigs declined in four of the past five weekly counts. The oil-to-gas rig ratio stood at 3.48 to 1 for the week of June 5, compared with 3.14 to 1 on May 1, based on Baker Hughes figures.

Historical Perspective and Forecast Range

Baker Hughes historical data put the US oil rig average at 498 rigs since 1987 and the all-time peak at 1,609 in October 2014. The current 431-rig level sits 13.4% below the long-run average, indicating the US remains well off historical peak utilization. TradingEconomics modeling based on Baker Hughes data projects the US oil rig count will trend toward 430 to 465 rigs through 2028. The June 5 reading of 431 oil rigs sits at the lower bound of that projected band, suggesting limited downside from current levels under the base-case supply outlook.