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US Land Rig Count at 561; Oil, Gas Rigs Up, RBC Says

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The US land rig count reached 561 for the week ended June 26, with oil rigs accounting for 428 and gas rigs totaling 125, RBC Capital Markets said on Saturday, citing Baker Hughes data.

The US oil rig count increased by six from a week earlier and by 18 relative to the previous month, the report said, while the US gas rig count rose by three versus last week and by one from the prior month.

The Permian Basin, which accounts for 60% of oil rigs in the Lower 48 and 46% of total US land rigs, saw a rig count increase of two week over week to 258, according to the report.

Helmerich & Payne (HP), Patterson-UTI Energy (PTEN), and Nabors Industries (NBR) were the most active drillers in the region during the week, RBC said, while Exxon Mobil (XOM), Devon Energy (DVN), and Occidental Petroleum (OXY) were the most active operators.

During the same period, Eagle Ford rig count was flat at 44, while Anadarko rig count decreased by one to 19. The number of rigs in Haynesville also remained unchanged at 55.

Stocks of oilfield services under RBC coverage retreated 2.4% week over week, with CES Energy Solutions, Atlas Energy Solutions (AESI), and Calfrac Well Services as the top performers.

On the other hand, the bottom performers were Trican Well Service, Precision Drilling (PDS), and Ensign Energy Services, according to the investment bank.

RBC noted that prices for West Texas Intermediate and Brent both eased 8% week over week to $69 per barrel and $72/bbl, respectively.

Henry Hub natural gas prices also saw a 0.1% moderation to $3.57 per thousand cubic feet, down 9.7% from a year earlier.

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