According to Baker Hughes, the oil rig count in the U.S. as of August 24, 2018 was 1,044, up 104 or 11.1% from 940 a year earlier.

Bank Hughes notes the 1,044 rigs were comprised of 919 horizontal rigs, 63 vertical rigs and 62 directional rigs.

The data shows that Texas, with a total rig count of 528, accounted for 51% of the total rigs.

The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.