US energy rig count holds steady at 588, Baker Hughes reports

The U.S. energy rig count remained steady at 588 as of the week ending August 28, according to data released by Baker Hughes. This figure, which serves as an early indicator of future energy production, is down 9.7% compared to the same period last year. The decline in the rig count is attributed to lower U.S. oil prices, which have prompted energy companies to prioritize shareholder returns and debt reduction over production growth.

The Permian Basin, the largest oil-producing shale formation in the U.S., saw no change in its rig count, maintaining 267 rigs. Texas, the state with the most rigs, added one, reaching a total of 282, the highest level since February 2025.

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