US energy firms add oil and gas rigs for seventh straight week in Oil & Companies News 08/06/2026 US energy companies increased their rig count for a seventh consecutive week, marking the longest streak of additions since May 2022, Baker Hughes (NYSE:BKR) reported Friday. The combined oil and natural gas rig count rose by one to 563 in the week ending June 5, reaching its highest level since May 2025, according to the energy services firm’s weekly report. The total rig count now stands four rigs, or 1%, higher than the same period last year, Baker Hughes said. Oil rigs increased by two to 431 this week, the highest count since June 2025. Gas rigs decreased by one to 124, the lowest since January 2026. Miscellaneous rigs remained unchanged at eight. The rig count had fallen 7% in 2025, 5% in 2024, and 20% in 2023 as lower US oil prices led energy companies to prioritize shareholder returns and debt reduction over production growth. Spot US West Texas Intermediate crude prices are projected to increase in 2026 due to the Iran War, following declines in 2023, 2024, and 2025. The US Energy Information Administration forecasts crude output will rise from a record 13.6 million barrels per day in 2025 to 13.7 million barrels per day in 2026. The rig count serves as an early indicator of future oil and gas production levels. Source: Investing.com 2026-06-08 hellenicshippingnews... tweet Share