Baker Hughes data shows US oil and gas rigs rose by three to 547 in week ending May 1, highest since early April.
Oil rigs increased to 408, highest since mid‑April, while gas rigs rose to 130, highest since early April.
Despite weekly gains, total rig count is 6% lower YoY, down 37 rigs, after a 20% drop in 2023.
Lower oil prices have prompted companies to prioritize shareholder returns and debt reduction over expanding production.