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Rig Count By Operator : Week Ending - May 15, 2020

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   |    Saturday,May 16,2020

Today we are reviewing, operators continue to reduce their rig count as we head into the summer.  This week we say operators reducing rig count by 15 net rigs.  We did see however that the gas plays added rigs this week.  To get access to the full rigs database, click here. (subscription required)

Looking at the data, we als see that companies have already spent 42% of their full year 2020 budget as of the first quarter.  We expect the second half 2020 to be somewhat brutal for oilfield services and most companies will again talk budget exhausion.  While the average spent is 42%, that is however more skewed towards oil focused E&P vs Gas players.

Gas Basin Growth

  • Marcellus up +1 rig
  • Haynesville up +1 rig
  • Piceance Basin up +1 rig

OIl Basin Reductions

  • Permian down -15
  • Eagleford down -4
  • Bakken down -2

Oil Prices (WTI)

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Rig Count By Operators (Increasing Rigs) :

Here is a look at some of the operators that have increased their rig count this week.    Click here to see the full contact of operators currently operating.

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Rig Count by Operator (Reducing Rigs) :

Click here to see the full contact of operators currently operating.

Here is a snippet of the operators that have reduced rig count this week.  As you can see from the data, the top drillers both public and privates continue reduce their rig count.   We do expect more rig reductions as companies like Diamondback has said it plans to cut it rig count to 6 rigs by 3Q 2020.

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