The number of active US gas rigs spiked this month to a two-year high, driven by private operators positioning themselves for the impending boom in LNG and data center demand.
While oil rigs have fallen 14% over the past year to 415, according to data from Baker Hughes, gas rigs have risen 22% to 122 — including a jump of 14 over the past two weeks alone.
That dynamic has US drilling services companies re-examining their outlooks through 2026 as their suppliers increasingly focus on dry gas basins.
"We are encouraged by our relatively stable lower 48 rig count as we enter the second half and expect our rig count to continue at approximately its current level through year end,” Nabors CFO William Restrepo told analysts on an earnings call. “This outlook assumes some continued weakness in oil-focused activity, offset by anticipated strength in natural gas drilling.”
“Our total rig count in natural gas basins in Appalachia and the Haynesville has increased slightly from the start of the second quarter.”, Patterson-UTI CEO Andy Hendricks said. “We believe we are now approaching that physical call for higher US LNG volumes, and we expect we will see incremental demand for more drilling and completions activity in natural gas basins as we enter 2026.”
