-- The US land rig count rose by 2 rigs over the week to 531, with oil rigs falling and gas rigs increasing, RBC Capital Markets said in a Sunday note.
Baker Hughes data shows oil rigs dropped by 2 rigs over the week to 395, while gas rigs increased by 4 to 129, reflecting mixed drilling trends, the note said.
The total rig count remains 72 rigs, or 12%, below the five-year average, according to the note.
Permian activity held steady at 242 rigs over the week, accounting for 61% of oil rigs in the Lower 48 and 46% of total land rigs, the note added.
Helmerich & Payne leads Permian drilling with 88 rigs, followed by Patterson-UTI with 32 and Nabors with 28, RBC said.
Exxon leads Permian operators with 34 rigs, followed by Occidental at 20 and ConocoPhillips at 17, while private operators account for 39% of active rigs in the basin, the note added.
Eagle Ford activity remained flat at 42 rigs, with Helmerich & Payne leading at 16 rigs, followed by Nabors at 10 and Patterson-UTI at 6, the note said.
ConocoPhillips leads Eagle Ford operators with 7 rigs, followed by EOG at 6 and Crescent Energy at 4, while private operators account for 37% of active rigs in the basin, RBC added.
Williston drilling activity held steady at 28 rigs over the week, with Nabors leading at 12 rigs, followed by Patterson-UTI at 6 and Helmerich & Payne at 4, the note said.
Chevron and Chord Energy lead operators with 4 rigs each, followed by ConocoPhillips at 3, while public operators account for 48% of rigs, up from 38% a year earlier, RBC said.
Haynesville activity increased by 1 rig over the week to 56, with Helmerich & Payne leading at 11 rigs, followed by Independence Contract Drilling at 9 and Precision Drilling at 8.
Apex leads operators with 12 rigs, followed by Comstock at 5 and Exco at 4, while private operators account for 72% of rigs, compared with 73% a year earlier, RBC added
Appalachia drilling activity held steady at 37 rigs over the week, with Patterson-UTI leading at 15 rigs, followed by Precision Drilling at 9 and Helmerich & Payne at 5, the note said.
EQT leads operators with 5 rigs, followed by Ascent Energy at 4 and EOG at 3, while private operators account for 41% of rigs, down from 47% a year earlier.
The US frac fleet count rose by 4 over the week to 169, with a rig-to-frac ratio of 2.86 times, according to the note.
OFS stocks under coverage rose 12.7% over the week, led by Liberty Energy with a 24.5% gain, followed by Atlas Energy Solutions at 22.7% and Patterson-UTI Energy at 20.3%, it said.
SLB posted the weakest gain at 6.6%, followed by Calfrac Well Services at 7.0% and NOV at 7.3%, while the group is up 47.7% year to date versus 5.1% for the S&P 500, it said.