UBS sees largest weekly rig count gain since May

Investing.com -- U.S. oil and gas drilling activity increased by 8 rigs during the week, according to UBS Evidence Lab data. This marks the largest weekly gain since late May, when activity rose by 10 rigs, and represents the second-largest move in 2026.

The Permian Basin led the increase with 5 additional rigs, the basin's largest weekly gain since April. The Delaware sub-basin added 3 rigs, while the Midland added 2 rigs. The Williston and DJ basins each added 1 rig. The Haynesville declined by 1 rig, while Appalachia added 1 rig.

The Lower 48's active rig count on a four-week average basis stands at 632 rigs. The active rig count is now up 15% compared to year-end 2025. Oil rigs are up 29% and gas rigs are down 11%.

Among public operators covered by UBS, activity remained flat on a weekly basis with 273 active rigs. Devon Energy (NYSE: DVN), Occidental Petroleum (NYSE: OXY), Crescent Energy (NYSE: CRGY), and Excelerate Energy (NYSE: EXE) each added 1 rig. Chevron (NYSE: CVX) reduced activity by 2 rigs, while Shell (NYSE: SHEL) and Magnolia Oil & Gas (NYSE: MGY) each reduced by 1 rig.

ExxonMobil (NYSE: XOM) remains the most active public operator with 36 rigs. Devon Energy now operates 33 rigs, followed by ConocoPhillips (NYSE: COP) with 30 rigs, Occidental with 24, and EOG Resources (NYSE: EOG) with 21.

Private operators continue to gain market share. The share of active rigs operated by companies in UBS coverage declined from 44% to 43% during the week.

Baker Hughes' rig count release on Friday showed a 3-rig increase in U.S. rigs, including a 5-rig increase in the Williston, the basin's largest weekly jump in three years.

Front-month West Texas Intermediate crude oil prices are up 23% month-to-date, while the 2027 strip is up 6%.

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