In a further sign that the post-Covid collapse in domestic drilling activity could finally be flattening out, the U.S. rig count finished unchanged at 251 during the week ended Friday (July 31), according to the latest data from Baker Hughes Co. (BKR).

A one-rig increase in natural gas-directed rigs offset the departure of one oil-directed rig for the week, putting the combined domestic tally nearly 700 units behind the 942 rigs active at this time last year. 

In the United States, one horizontal rig joined the patch for the week, offsetting the loss of one vertical unit. Gulf of Mexico activity remained unchanged at 12 rigs, down from 22 in the year-ago period.

The Canadian rig count picked up three units to end at 45 for the week, versus 137 in the year-ago period. The...