M-U Rigs Even @ 40; Haynesville Even @ 52; Nat’l Count Down 1 @ 550
On Friday, Baker Hughes reported that the U.S. rig count lost 1 rig and now stands at 550 active rigs. Three weeks ago, the Pennsylvania Marcellus added a rig, bringing PA’s total to 20 active rigs, the most it has operated in well over a year. PA kept its new/higher total last week. Both Ohio and West Virginia remained at 13 and 7, respectively. The combined M-U count was 40 rigs last week, the most operated rigs in well over a year, now for a third week in a row. The M-U’s primary competitor (for attention and money), the Haynesville, continues to operate 52 rigs (12 more than the M-U). Read More “M-U Rigs Even @ 40; Haynesville Even @ 52; Nat’l Count Down 1 @ 550”

Oilfield services giant Baker Hughes (BKR), a company with its fingers in many different energy pies (not just OFS) and operations in over 120 countries worldwide, issued its fourth-quarter 2025 update last week. We scoured the update, the conference call, and the latest slide deck. The company did not explicitly mention the Marcellus or Utica shale regions. However, several items from the update directly impact the outlook for the M-U region.
Last week, the Baker Hughes U.S. national rig count got wacked good, losing 10 rigs from the previous week. The national count went from 554 to 544 (as of Wednesday, when BH reported the numbers). Bummer. It had gained rigs for each of the prior three weeks. Rigs in the Marcellus/Utica remained the same last week after gaining one rig the week before. Pennsylvania has held at 18 for two weeks in a row. Ohio was the same at 13 rigs, which it has operated since September 26. West Virginia maintained its 7 rigs, which it has operated since May 30. There were 24 rigs targeting the Marcellus and 14 targeting the Utica, for a combined 38 rigs in the M-U.