Oil Rigs Surge to 488: Wall Street's Blind Spot on the Jobs Boom of 2025

Why the Permian's Flat 304 Rigs and Chevron's layoffs are a Hidden Hiring Issue You Can't Ignore

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Oil News Podcast- Feb 23, 2025

Last night, I dropped a chart that had oil heads doing a double-take: the Baker Hughes rig count for February 21, 2025, revealed U.S. oil rigs jumping 7 week-on-week to 488 (was it just SCOOPS?), while gas rigs slipped 2 to 99, and Permian rigs stayed stubbornly flat at 304. Wall Street’s too busy sipping overpriced lattes to notice, but this spike is a MASSIVE shift for production, jobs, and anyone paying attention in the energy game knows.

If you missed my post, you’re in luck. I want to peel back the layers, connecting the dots between rig counts, Chevron’s brutal layoffs, and the hidden job opportunities in this field oil and gas job seekers need to target.

Oh and want to listen to a quick deep dive? Yep - I’ve got that for you too - but don’t miss the CHARTS! :)

The Rig Count: What the Numbers Really Mean & The Permian’s 304 rigs Stagnation

First, let’s unpack the Baker Hughes data. It’s more than just numbers. Their February 21 report tells me where oil and gas are headed in 2025 from a hiring trends/workforce perspective.

Here’s the breakdown:

Oil Rigs: Up 7 to 488, the highest since late 2024. This isn’t a fluke—operators are betting big on crude, with WTI oil prices hovering around $75/barrel, up 3% month-on-month.

Gas Rigs: Down 2 to 99, signaling a continued pullback in natural gas plays as prices linger below $2.50/MMBtu.

Miscellaneous Rigs: Down 1 to 5, a minor blip but steady for niche drilling.

Drilling Types: Directional rigs dropped 2 to 49, horizontal rigs surged 6 to 530 (now 89% of total rigs), and vertical rigs held at 13. Horizontal drilling’s dominance shows operators are chasing efficiency, not just volume.

The Permian Basin, the crown jewel of U.S. shale, stayed flat at 304 rigs, unchanged from last week but down 15% year-over-year. That stagnation’s a warning for job seekers pinning hopes on Texas growth alone. Meanwhile, the Bakken (up 2 rigs to 38) and Eagle Ford (up 1 to 52) saw subtle gains, hinting at where the action - and jobs - might migrate.

Why does this matter? Each rig represents not just production potential but a jobs ecosystem: drillers, engineers, geologists, logistics crews, and service providers like Halliburton or Schlumberger. That 7-rig spike translates to hundreds of new positions, but only if you know where to look. Yeah, I can help.

I’m sorry, but, Wall Street is Clueless on Oil Jobs

Wall Street’s still drooling over oil prices and Chevron’s cost-cutting (I broke down their 1,800 layoffs), but let’s be real, they have no clue what’s actually happening in the field.

They see layoffs and assume demand is collapsing. Wrong.

Big Oil’s IS slowing the F up… but not for the reasons they think.

The real issue is that supply is outpacing demand growth, which could lead to a surplus and lower prices - not a collapse in demand.

• The U.S., Canada, Brazil, and Guyana are all expanding production, contributing to an expected 1.8M barrels per day increase in global supply in 2025. (EIA Report)

And despite this:

• ExxonMobil? Cut 1,200 jobs last quarter.

• BP? Slashing 4,700 employees + 3,000 contractors.

• Chevron? Trimming up to 8,000 positions by 2026.

• SLB and others? More cuts coming - this is far from over.

The oil industry has always been cyclical, with companies cutting costs in high-profit years to prepare for future volatility. Chevron’s layoffs and the others are part of a long-term capital efficiency strategy, not an immediate response to weak demand.

The suits don’t get it… the work isn’t stopping.

This is why traders panic and mis-price oil stocks, while the people actually running these companies play the long game.

While majors tighten their belts, smaller operators and service firms are still drilling. EOG, Pioneer, and Continental aren’t slowing. Nabors just reported a 10% uptick in drilling contracts. The rig count is holding steady - which means the jobs aren’t gone. They’re just moving.

Wall Street’s staring at spreadsheets. The smart ones? They’re watching the rigs. And if you know where to look, there’s still money to be made.

Oil & Gas M&A Mega-Deals:

Chevron-Hess ($53B)

ExxonMobil-Pioneer ($59.5B)

ConocoPhillips-Marathon ($22.5B) – layoffs not fully finalized

Diamondback-Double Eagle ($4.1B)

ONEOK-EnLink ($4.3B)

Impact? Redundant jobs. Job cuts move fast. That’s why I flagged where these cuts were heading before the headlines hit. Operators are already trimming contractor spend, and when that happens, direct layoffs follow.

The 40,000 number? Still in play. And if oilfield services get hit next (they will), this number only climbs.

If you’re not tracking workforce shifts before they happen, you’re already behind.

Chevron’s 1800 Layoffs: The Inside Story

Chevron’s 1,800-job bloodbath in January - hitting Permian and Gulf Coast teams hardest - was not a fluke. I called this way back in early Dec 2024, and now the rig count is proving it: Big Oil’s tightening up, but drilling isn’t stopping.

And here’s the part the media won’t tell you:

• Drilling engineers? Axed.

• Completions teams? Gone.

• Field support? Cut loose.

Chevron’s own filings confirm $900M for layoffs & relocations - 6,000-9,100 cuts. Not speculation, it’s their plan. Their announcement reinforces a 15-20% workforce reduction. The impact is already in motion.

But that doesn’t mean demand disappeared. Chevron’s just cutting overhead while oil prices stay stable. And the minute they trim headcount? Service companies and independents are snatching up the talent.

• EOG added 3 rigs in the Bakken.

• Pioneer’s holding Permian activity steady.

• Nabors saw a 10% surge in drilling contracts.

Had a call with a Chevron completions engineer last week—12 years in, kicked to the curb. She’s already pivoted to Patterson-UTI’s frac crews. Her words?

“Chevron’s cuts felt personal, but the rigs don’t lie—there’s work if you know where to look.”

And she’s right. The game isn’t stopping—it’s just shifting

.SLB then most likely Baker Hughes and Halliburton will follow in layoffs… this might be the final catalyst to kick start this snowball - it has already been a tough one for Chevron, BP and others. This SLB reduction could be 10-15K - The biggest cuts will likely be in non-core, administrative, and global business services. Based on historical data- I would expect oilfield service job losses industry-wide to exceed 40,000 by late 2025.

Where the Rigs Are, the Jobs Follow: What This Means for Hiring

1. Permian Basin (304 Rigs, Holding Steady)

Who’s Hiring? Nabors, Patterson-UTI, Halliburton

Roles: Roughnecks, toolpushers, directional drillers, frac crews

Pay: $85K-$120K for hands, six figures for MWD/LWD techs

Move Fast: Jump into the #oott network on X - real jobs, real leads.

2. Bakken Shale (38 Rigs, Up 2)

Who’s Hiring? Continental, Whiting

Roles: Drillers, geologists, rig hands

Pay: $70K-$100K, lower cost of living = more cash in your pocket

Pro Tip: Get in before break-up season - once the thaw hits, drilling slows.

3. Eagle Ford (52 Rigs, Up 1)

Who’s Hiring? EOG, Murphy Oil

Roles: Engineers, operators, HSE managers

Pay: $90K-$130K

Edge: If you know horizontal drilling, you’re golden.

4. Gulf Coast/Offshore (Deepwater’s Heating Up)

Who’s Hiring? Transocean, Noble

Roles: BOP engineers, subsea techs, platform mechanics

Pay: $120K-$150K

Want In? Get into the #offshorerigs network on X.

5. Service Firms (Big Money Moves)

Who’s Hiring? Halliburton, Schlumberger, Patterson-UTI

Roles: Frac supervisors ($100K-$140K), geophysicists ($110K-$160K)

Insider Tip: DM @HalliburtonJobs and @SchlumbergerCareers - yes, they actually reply.

Your Playbook: Get That Job

Update Your Resume → Directional drilling, completions, frac crews, MWD/LWD experience. Make it scream “hire me.” Want help? I’ve gotcha - Get booked in now.

Network on X → Use #oott, #oiljobs, #energyhiring - skip the LinkedIn spam and get into real convos. Jobs go fast, be faster.

Show Up In Person → Permian Basin Oil & Gas events, SPE conferences, energy meetups. Face time = job offers.

If you wait, you’ll be playing catch-up.

I’ll be back breaking down the February 28 rig count—who’s hiring hardest and where you need to be looking. Follow me on X (@thejobchick) for real-time oil job intel.

You did it! Now - if you want to listen to a quick deep dive — Yep - I’ve got that for you too.