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US Land Rig Count Holds at 572 While Oilfield Services Stocks Decline, RBC Says

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US active land drilling rigs held steady at 572 last week as the Permian added rigs, while oilfield services stocks declined and basin activity remained mixed, RBC Capital Markets said in a Monday note.

The Baker Hughes (BKR) US land rig count remained unchanged at 572. Oil rigs held at 436 and gas rigs stayed at 127, while oil rigs increased by four over the month and gas rigs rose by one.

The Permian added two rigs to 260, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.

Among drillers, Helmerich & Payne (HP) operated 90 Permian rigs, or 32% of the total, followed by Patterson-UTI (PTEN) with 32 rigs, or 11%, and Nabors Industries (NBR) with 29 rigs, or 10%, RBC said.

Among operators, ExxonMobil (XOM) led the Permian with 35 rigs, followed by Devon Energy (DVN) and Occidental Petroleum (OXY) with 21 rigs each. Private operators accounted for 45% of active Permian rigs, up from 42% a year earlier.

The Eagle Ford also added two rigs to 49. Among drillers, Helmerich & Payne operated 17 rigs, Nabors Industries had 12 and Patterson-UTI had seven, RBC said.

Among operators, ConocoPhillips (COP) led the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators accounted for 54% of active Eagle Ford rigs, up from 36% a year earlier, RBC said.

The Williston rig count remained unchanged at 27. Among drillers, Nabors Industries operated 16 rigs, Patterson-UTI had seven and Helmerich & Payne had five, according to RBC.

Among operators, Chord Energy (CHRD) led the Williston with five rigs, while Chevron (CVX) and ConocoPhillips each operated three. Public operators accounted for 37% of active rigs, compared with 38% a year earlier, RBC said.

Oilfield services stocks under RBC coverage declined 3.3% over the week, while West Texas Intermediate crude fell 3.8%. Liberty Energy (LBRT) gained 7.8%, Baker Hughes rose 5.7% and Nabors Industries advanced 2.8%.

The weakest performers were Atlas Energy Solutions (AESI), down 9.8%, Trican Well Service, down 11%, and Ensign Energy Services, down 11.6%.

RBC added that its oilfield services coverage group has gained 30.1% year to date, compared with a 10.1% gain for the S&P 500 Index.

Price: $60.46, Change: $-0.03, Percent Change: -0.05%

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