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This week we look at our weekly rig count tracker. As you can see from the chart, all basins continue to drop rigs with the exception of gas basins (Utica, Piceance, and Arkoma).
Rig Count by Basin
Rig Count By Select Operator
As you can see, Oxy has removed the most rigs so far, followed by EOG Resources. We have observed that Private and Private Equity backed E&P have removed the most rigs so far. This does not bode well for the rig count as most Public E&P have announced large capex/rig counts, that have not net shown up the rig count.
- Parsley said it plans to go to 6 rig program
- Diamondback is guiding to 8 rigs by 2H 2020
- Pioneer is going to 11 rigs down from 22.
- Ovintiv, will lay down 10 rigs in 2H 2020
- BPX Energy said it is cutting $1 billion from its $2 billion program (-50%)
- Apache currently at 5 rigs, plan to go to 1 rig.
So as you can see, most of these major rig changes have not been seen in the rig count changes as of date.
Rig Count by Company Type
To further demonstrate, how much further rig count must fall, take a loo at the chart below. You will see that Private Equity backed E&Ps have been the most active in laying down rigs, from the peak.
- PE-backed E&P from peak is down -21%
- Public E&Ps from peak is down -10%
- Private's from peak is down -9%.
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