U.S. energy companies added oil and natural gas rigs for a second consecutive week, marking the first back-to-back increase since mid-March, according to data released Friday by energy services firm Baker Hughes (NYSE:BKR).

The combined oil and gas rig count climbed by three to 547 in the week ending May 1, reaching its highest level since early April.

Oil rigs increased by one to 408 this week, their highest since mid-April. Gas rigs also rose by one to 130, their highest since early April. Miscellaneous rigs increased by one to nine.

Despite the recent additions, the total rig count remains down 37 rigs, or 6%, compared to the same period last year, Baker Hughes said.

The rig count has declined in recent years, falling 7% in 2025, 5% in 2024, and 20% in 2023. Lower oil prices have led energy companies to prioritize shareholder returns and debt reduction over production expansion.

The rig count serves as an early indicator of future oil and gas output.
Source: Investing.com