Commodities
Williston Rig Count Hits Highest Since October 2025 as Lower 48 Activity Rises, UBS Says
The Williston rig count reached 33, its highest since October 2025, as US Lower 48 activity rose and operators increasingly adopted longer lateral wells, UBS said in a Tuesday note.Williston activity increased by one rig over the week, with the basin's count now 50% above the 22-rig trough reached in mid-February 2026 as higher crude prices supported drilling.Private operators, including Phoenix Operating and Koda Resources, drove much of the recent increase, according to the North Dakota Department of Mineral Resources' monthly update.Among public exploration and production companies, Chord Energy (CHRD) led Williston activity with 4 rigs, while Devon Energy (DVN) and Chevron (CVX) each had three rigs, UBS Evidence Lab data showed.Longer laterals, particularly 4-mile wells, have become a key drilling trend in the basin, with UBS saying the approach can improve capital efficiency and lower supply costs and breakevens.North Dakota's Q2 2026 completions averaged about 13,600 feet in lateral length, up 15% from the state's 2025 average of about 11,800 feet, according to the North Dakota Department of Mineral Resources.Chord Energy had the most visible 4-mile drilling program among public Exploration and Production companies, with such wells accounting for about 40% of its 2026 drilling plan before the company plans to scale the program in 2027.Across the Lower 48, the four-week average active rig count increased 1 rig week-over-week to 620, putting activity 13% above year-end 2025 levels, according to the note.Oil rigs increased 25% from year-end 2025, while gas rigs declined 11% and activity among other rig categories fell materially, UBS said.Permian activity was unchanged overall, as the Delaware added 3 rigs, the Midland lost 2 rigs and other Permian areas declined by 1 rig.Outside the Permian, the Williston Basin, Woodford and Denver-Julesburg each gained 1 rig, while Eagle Ford activity fell by 1 rig.Gas drilling was unchanged in the Haynesville but declined by 1 rig in Appalachia over the week, according to UBS Evidence Lab data.UBS' coverage group and integrated oil companies had 276 active rigs last week, down three from the previous week, with Exxon Mobil (XOM), Occidental Petroleum (OXY), and Murphy Oil (MUR) each adding one rig.Devon Energy, Chevron, SM Energy (SM), California Resources (CRC), Range Resources (RRC) and Gulfport Energy (GPOR) each had 1 fewer rig over the week, potentially reflecting rig movements.Exxon Mobil remained the most active public operator with 35 rigs, followed by Devon Energy with 32, ConocoPhillips (COP) with 30, Occidental Petroleum with 24 and EOG Resources (EOG) with 23, with UBS' coverage group accounting for 45% of Lower 48 active rigs.
$CHRD$COP$CRC$CVX$DVN$GPOR$MUR$OXY$RRC$SM$XOM
