Baker Hughes: US Oil Rigs Rise to 433 as Total Count Slips to 562, Permian Holds 77 Percent Oil Share

Baker Hughes released its weekly North America rig count on Friday, June 12, at 1 p.m. Eastern time. The United States total came in at 562, down one rig from the prior week. Oil-directed rigs rose two to 433, while natural gas rigs fell three to 121. Miscellaneous rigs held unchanged at eight.

Oil Rigs Hold at 77 Percent of US Total

Of 562 active US rigs, 433 target crude oil, a 77.0% oil share. Oil rigs gained two positions this week as WTI crude settled at $84.88 per barrel on the CME and Brent settled at $87.33 per barrel on ICE. Both benchmarks fell roughly 6% for the week as US-Iran negotiations advanced toward reopening the Strait of Hormuz. Operators maintained oil rig counts because drilling contracts and well programs are typically set weeks to months ahead of price moves.

The EIA's June 2026 Short-Term Energy Outlook projects US crude oil production at 13.72 million barrels per day for the full year, with 2027 output rising to 14.15 million barrels per day. Those projections embed the output of rigs already operating. A sustained WTI price below $85 per barrel would eventually reduce the economic case for new well permits, though the industry response typically lags a price inflection point by three to six months.

Permian Basin Operators Drive Oil Rig Gains

Texas added four rigs in the week ending June 5, the largest state-level gain in that reporting period, according to Rigzone's compilation of Baker Hughes data. Ovintiv, the Calgary-headquartered producer, runs approximately five rigs in the Permian Basin and targets 125 to 135 net Permian wells in 2026. The company directed $1.325 billion to $1.375 billion of its 2026 capital toward Permian drilling, part of a combined Permian and Montney program totaling $2.3 billion.

Diamondback Energy averaged 521,000 barrels of oil per day across its Permian operations in the first quarter of 2026 and guided to sustain or increase those volumes through year-end. ExxonMobil's unconventional subsidiary, XTO Energy, holds significant Delaware Basin acreage and contributes to the Texas rig total that Baker Hughes tallies each Friday. Permian-focused operators in Texas and southeastern New Mexico collectively anchor the 77% oil weighting of the US rig count.

Natural Gas Rigs Post Largest Subcategory Decline

Natural gas rigs fell three to 121 this week, the largest directional move among Baker Hughes's three US rig subcategories. Henry Hub spot prices averaged $2.94 per million British thermal units in May 2026, rising to $3.10/MMBtu in the week of June 8, per EIA weekly data. Gas-directed operators have not increased rig commitments in response to that price improvement. The 121-rig gas total reflects disciplined spending plans rather than a fundamental shift in US natural gas supply expectations.

Canada Adds 55 Rigs Year Over Year as Post-Breakup Recovery Continues

Canada's rig count reached 169 for the week ending June 5, up seven from the prior week, according to Baker Hughes data reported by Rigzone. Year-over-year, Canada added 55 rigs from the same period in 2025, the primary driver of North America's 59-rig annual gain. The total North America count stood at 732 for the week ending June 5. Canada's June recovery reflects the seasonal return to full road access as spring breakup conditions end in Alberta and British Columbia.

Ovintiv's Montney position strengthened through its 2026 closing of the NuVista Energy acquisition, adding liquids-rich inventory across the Wapiti play in Alberta. The Montney and Permian together represent 80% of remaining North American oil locations with a sub-$50 per barrel breakeven cost, per Ovintiv's investor disclosures. That dual-basin positioning explains why Canadian-headquartered operators simultaneously add Permian oil rigs and recover Montney activity through the post-breakup season.