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Top Drilling Contractors Talk 2H '23 and 2024

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Top Drilling Contractors Talk 2H '23 and 2024
The top drilling contractors provided an early look into what to expect in the second half and 2024. 1. Drilling activity is expected to continue declining into 3Q and stablized into the last quarter. 2. Expecting increased activity into 4Q and 2024 3. Large Publics will drive the move to add rigs in Q4. 4. Helmerich & Payne

Turning to our other three segments, beginning with the North America Solutions segment. We averaged 166 contracted rigs during the third quarter, down from an average of 183 rigs in fiscal Q2, the exit rig count of 153 was slightly less than our guided range of between 155 and 160 as rigs were released for multiple reasons, including customers exceeding their production targets, customer budget exhaustion and weak natural gas price levels.

Looking ahead to the…

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