RE:Active Drilling Rigs Has Doubled Since May 10/21Browsing through the other oil service boards confirms that the very rapid increase in the number of active rigs from April through to May doubling in Canada has continued to escalate.
For example, the number of well licenses in western Canada in the first 5 days of June exceeded those for all of June of 2020.
My estimates for Q2 for Canada are even more conservative and Q3 is setting up as what appears to be a very very strong quarter
Analyst Quote..
"The increase in the off-season rig count through May and early-June is setting 3Q up to be a busier quarter than we had anticipated.
As the high estimator in the consensus range, investors may look askance at our 3Q and 4Q numbers;
but our conviction remains as high as ever -- we are even increasing our estimates and wouldn't be surprised if we'll need to raise them again before the summer is out."