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Nabors; US Drilling Activity To Continue Falling
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Nabors reported its 3Q 19 update. Here is a quick read.
Current Rig count
The company reported it had 99 rigs working in the Lower 48. This compares to an average of 107.8 for the third quarter and 101 at the end of the third quarter. During the third quarter, the company average rig count decreased by seven rigs versus the second quarter.US / Lower 48 Drilling Activity will continue to decrease.
"Consequently, the third quarter average and exit rig counts for the industry fell well below prior expectations. We expect all of these macro elements to result in some additional reductions in Lower 48, drilling activity through the end of the year. During the third quarter in particular the U.S. Lower 48 land industry average rig count declined by 102 rigs an 11% reduction."
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