Rig count...Covid did reset how companies harvest thier reserves......
Can see it Alberta....only 227 rigs working yet oil production is for sure increasing....
The market for "single's" and even some of the older double tele rigs is terrible in Alberta still.
And part of the reason is 227 rigs working can do what 400 plus used to do in even 2017
So fewer wells drilled are needed compared to even five years ago.
Very easy scenario that 600 USA are actually doing what 800-900 used to do...
Every major is spending 5-8m on a well and that is doing what 2-3 were needed a few yearas ago.
Using past drilling rig data is a very very poor indicactor.
OBE is an example. Production will smash with 4 rigs.