PHX Energy Services Corp T.PHX

Weekly Rig Count

[savyinvestor333]

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 236—the eighth week of oil rig additions.

The total number of active oil and gas rigs increased for the week by 12, with oil rigs rising by 10 and gas rigs rising by 2.

Canada’s overall rig count rose by 3 this week. Oil and gas rigs in Canada are now at 89 active rigs, and down 45 year on year.

[Possibleidiot01]

Translates to a $10 million increase to capital expenditures budget for 2021. Now $25 million . "PHX Energy believes its fleet would reach capacity in the second half of 2021"

[freedom649]

They might have enough equipment to run more jobs but they will be lacking qualified personal to run it all in the field.

[Possibleidiot01]

I could see the lack of qualified personnel happening in North America but I am not sure that applies to MENA region. "With this anticipated level of demand in North America and the recently announced new technology partnership in the Middle East North Africa (“MENA”) regions, PHX Energy believes its fleet would reach capacity in the second half of 2021. The increase to its 2021 Program will