Baker Hughes Reports 445 US Oil Rigs in Early Holiday Release, North America Gains 63 from a Year Ago

Baker Hughes released its weekly North America rig count on Thursday, July 3, one day ahead of its normal Friday schedule. The company cited the Independence Day closure of US financial markets on July 4 as the reason for early publication. US active rigs for the week reached 580, and oil-focused rigs climbed to 445.

Early Publication Due to the July 4 Holiday

Baker Hughes publishes the North America count at noon Central Time on the last business day of each calendar week. With US markets closed Friday for Independence Day, the report moved to Thursday. This early-release protocol applies to all major US federal holidays that fall on the company's normal publication day. The underlying count data reflects the standard weekly reference period.

US Oil Rigs Post a Second Straight Weekly Gain

US oil rigs totaled 445 for the week ending July 3, 2026, up five from 440 the prior week. The total US rig count, spanning oil, gas, and miscellaneous categories, rose seven from 573 to 580. Gas and miscellaneous rigs account for approximately 135 of the active US units. The Permian Basin of West Texas and southeast New Mexico remained the busiest US play, reporting 242 active rigs as of May 2026 in Baker Hughes basin data.

The current US oil rig count of 445 equals 27.7 percent of the all-time high of 1,609 rigs set in October 2014. That raw number understates the industry's current output per rig. Advances in horizontal drilling, longer lateral sections, and multi-well pad operations allow each modern well to produce more oil than a 2014-vintage equivalent. US crude oil output approached record levels through 2025 and 2026 with a rig fleet roughly one-quarter the size of its 2014 peak.

Canadian Drilling Retreats Seven Units

Canadian active rigs fell seven to 190 during the same reference period, as Baker Hughes reported. Canada typically experiences a sharp spring slowdown as thawing ground restricts heavy equipment access, followed by a summer recovery. Canadian rigs stood at 197 before this week's decline, reversing part of that summer rebound. The week-over-week pattern in Canada diverges from the back-to-back US gains.

North America Adds 63 Rigs from a Year Ago

The North America total of 770 rigs compares with 707 rigs in July 2025, a gain of 63 rigs or 8.9 percent year on year. US oil rigs at 445 are up 20 from the 425 count posted in July 2025. That July 2025 figure was a three-year low for US oil rigs. The year-on-year rebound corresponds with WTI prices holding above $65 per barrel through the first half of 2026.

WTI crude settled at $68.78 per barrel on the CME on Thursday, July 3, 2026. Seven OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, approved 188,000 additional barrels per day of output for August 2026, according to World Oil. A composite of analyst forecasts tracked by Trading Economics projects US crude oil rigs declining to approximately 435 by the end of the third quarter, as OPEC+ supply additions sustain pressure on WTI prices.