Nuvista Energy Ltd T.NVA

US rig count

[Oldnagger]

Oil down 8 gas down 2 frac spreads down 6

https://oilprice.com/Energy/Crude-Oil/Permian-Rig-Count-Drops-Amid-Rising-US-Crude-Production.html

[PabloLafortune]

The impact on NATURAL GAS supply has been negligible so far. Remember that natural gas rig count was at 156 for a full year (Mid May 2022 to early May 2023). Then there is the lag between rig count and wells being brought on line.  After that you start having the cumulative effect of all the wells that never got drilled.  This whole process is how natural gas storage overshoots and then

[Oldnagger]

The last time that the rig count was similar to the present is February 2022. At that time ,Shale crude production was forecast at 700 million BPD less than today and nat gas 7 BCF per day less . If anything , drilling productivity has decreased since then as shown by the drilling productivity reports , thus the decrease in production will most likely be greater .