US Rig Count Posts Largest Weekly Gain Since May, UBS Data Shows

U.S. oil and gas drilling activity registered its largest weekly increase since late May, with the total number of active rigs climbing by eight, according to data from UBS Evidence Lab. This marks the second-largest weekly gain of 2026 and suggests a potential acceleration in upstream investment amid rising energy prices.

Permian Basin Leads Expansion

The increase was heavily concentrated in the Permian Basin of West Texas and New Mexico, which added five rigs—its largest weekly gain since April. Within the Permian, the Delaware sub-basin added three rigs and the Midland sub-basin added two.

Other notable changes reported by UBS include:

• Williston Basin: +1 rig
• DJ Basin: +1 rig
• Appalachia: +1 rig
• Haynesville: -1 rig

On a four-week average basis, the active rig count in the Lower 48 states now stands at 632. The total count is up 15% since the end of 2025, with oil-directed rigs rising 29% while gas-focused rigs have declined 11%.

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Private Operators Gain Market Share

While the overall count rose, activity among publicly traded operators covered by UBS remained flat for the week at 273 rigs. Devon Energy (NYSE:DVN), Occidental Petroleum (NYSE:OXY), Crescent Energy (NYSE:CRGY), and Excelerate Energy (NYSE:EXE) each added one rig. In contrast, Chevron (NYSE:CVX) reduced its count by two rigs, while Shell (NYSE:SHEL) and Magnolia Oil & Gas (NYSE:MGY) each dropped one.

This divergence highlights a continuing trend of private operators expanding their footprint. The market share of active rigs operated by public companies in UBS's coverage universe fell from 44% to 43% during the week. ExxonMobil (NYSE:XOM) remains the most active public operator with 36 rigs.

Market Context

The pickup in drilling activity coincides with a sharp rally in crude oil prices. Front-month West Texas Intermediate (WTI) futures are up 23% month-to-date. Separately, the weekly rig count from Baker Hughes on Friday showed a more modest three-rig increase nationwide, though it noted a five-rig jump in the Williston, that basin's largest weekly gain in three years.