August 15, 2022
Oilfield Services: US drilling rig report
US active land rig count down 3 week-over-week to 745
Our view: In this publication, we cross-reference public drilling rig data sources to track short- and longer-term trends in rig activity levels. Please see Exhibits 2-11 for overall and basin-specific activity trends across drillers, basins, and customers. Exhibits 12-13 highlight our valuation comparables, ratings, and price targets for companies under coverage.
Baker Hughes land rig count down 3 w/w to 745
The US oil land rig count increased 1 to 583 w/w, while the gas land rig count decreased 1 w/w to 160. The Permian active rig count of 346 decreased 1 w/w. The region accounts for 59% of oil rigs in the Lower-48 and 46% of total US land rigs. For additional North American rig activity details, please see here for the latest edition of our Canadian Oilfield Services Trend Tracker.
Activity trends by basin: Permian down 1 w/w
Permian ↓ 1 rig w/w to 346. The three most active drillers in the Permian are HP (94 rigs, 27% of total), PTEN (58 rigs, 16% of total), and ESI (31 rigs, 9% of total). The most active Permian operators are Pioneer (21 rigs), Mewbourne (19 rigs), and EOG (18 rigs).
Eagle Ford flat w/w at 72. The three most active drillers in the Eagle Ford are HP (28 rigs, 37% of total), NBR (12 rigs, 16% of total), and ESI (7 rigs, 9% of total). The most active Eagle Ford operators are ConocoPhillips (6 rigs), EOG (4 rigs), and BP (3 rigs).
Anadarko ↑ 2 rigs w/w to 25. The three most active drillers in the Anadarko are HP (12 rigs, 16% of total), PTEN (10 rigs, 13% of total), and Cactus (9 rigs, 12% of total). The most active Anadarko operators are Continental (6 rigs), Citizen (5 rigs), and Devon (4 rigs).
Haynesville flat w/w at 69. The three most active drillers in Haynesville are HP (16 rigs, 21% of total), PD (12 rigs, 16% of total), and NBR (11 rigs, 14% of total). The most active Haynesville operators are Aethon (14 rigs), Comstock (6 rigs), and Southwestern (6 rigs).
OFS stocks up 8% w/w, while WTI up 4%
OFS stocks under coverage increased 7.5% w/w, while the 2022 WTI increased 4% w/w, Brent increased 4% w/w, and Henry Hub futures strip prices increased 9% w/w. The top three performers were STEP (+17.2%), EFX (+14.9%), and CEU (+12.4%). The bottom three performers were SES (+3.9%), CFW (+1.3%), and PSI (+0.5%). Our Oilfield Services coverage group is up 52.5% YTD vs the S&P 500 index down 9.3% YTD.