-- The US land rig count slides for a second consecutive week, pressured by a pullback in oil-directed drilling, RBC Capital Markets strategists said in a note on Sunday.
Total US land rig count fell by six week-on-week to 525, RBC analysts said, citing Baker Hughes. The decline was driven by the oil-directed side of the business, which saw six units sidelined, bringing the total to 389. Gas-oriented activity held steady at 129 rigs.
The Permian Basin, the largest US shale region, saw activity edge lower, with the rig count slipping by one to 241. RBC said that the Permian Basin continues to dominate US drilling, accounting for about 62% of oil-directed rigs in the Lower 48 and 47% of total land rigs.
The most active drilling companies in the Permian are Helmerich & Payne (HP) with 88 rigs, Patterson-UTI Energy (PTEN) with 32 rigs, and Nabors Industries (NBR) with 29 rigs. Exxon Mobil (XOM) led the operators with 34 rigs, followed by Occidental (OXY) with 20 and ConocoPhillips (COP) with 17.
Eagle Ford activity climbed one rig to 43, while the Williston Basin was unchanged at 28. Gas-focused regions showed modest strength, with the Haynesville Shale gaining two rigs to 58, while Appalachian Basin activity held flat at 37.
RBC said that private operators continue to play a significant role in key basins, though their share of activity has declined in some areas. Private firms in the Permian accounted for 39% of active rigs, down from 43% a year earlier, while in the Eagle Ford their share fell to 37% from 46%.
Private operators, by contrast, still dominate the Haynesville, accounting for about 72% of rigs, unchanged from last year.
Price: $124.79, Change: $+1.60, Percent Change: +1.30%