U.S. energy firms cut the number of oil and natural gas rigs operating for a tenth consecutive week, reaching the lowest level since September 2021, Baker Hughes reported on July 3, 2025. This prolonged decline indicates a significant and sustained contraction in drilling activity across the United States.
The total rig count is down 46 rigs, or 8% below this time last year. Oil rigs fell by seven to 425 this week, marking their lowest since September 2021, while gas rigs fell by one to 108.
This trend reflects a cautious sentiment among producers amid market volatility and potential oversupply concerns. The continued reduction in active rigs presents a challenging operational landscape for the oilfield services sector, impacting demand for equipment and services.
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