US Drilling Activity Softens as Market Prices Pull Back

The total count of active rigs nationwide slipped to 587, despite remaining 45 units higher than the same period last year. Dedicated oil rigs accounted for the bulk of the contraction, dropping by two to reach 450. Conversely, natural gas drilling saw a marginal uptick, climbing by one to 127 active units.

Production metrics reflect this cooling trend as well. The Energy Information Administration recorded a decline in weekly crude output, which averaged 13.798 million barrels per day compared to 13.861 million the previous week. Completion activity followed suit, with the Primary Vision Frac Spread Count falling by four to 196 crews. Regional data shows the Permian Basin—the heart of US shale production—shed one active rig, bringing its total to 258, while the Eagle Ford count remained stagnant at 47.