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Commodities

US Land Drilling Activity Holds Firm Despite Minor Oil, Gas Rig Changes, RBC Says

US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.

$AESI$BKR$COP$CRGY$DVN$EOG$EXE$HAL$HP$LBRT$NBR$NOV$OXY$PTEN$SLB$XOM
Commodities

Tamboran Resources Completes Early Work on Australian Beetaloo Wells

Tamboran Resources has completed stimulation, clean-out and completion activities of the Shenandoah South 3H, 4H and 5H wells in the Northern Pilot Area of the Beetaloo Basin in Australia, it said in a statement on Monday.The stimulation work was carried out by Liberty Energy (LBRT) and the program was the first three-well zipper stimulation and largest campaign to date in the Beetaloo Basin, with 178 phases over 30,000 feet in the Mid Velkerri B shale formation.The stimulation program completed an average of 6.7 stimulated stages each day, with pumping operations of more than 20 hours per day and 12 stages delivered in a single day.Tamboran successfully placed the first Beetaloo Red locally produced sand in 10 stages across a lateral section in the SS-4H well, using tracers to evaluate stage performance.The wells will be tied to the Sturt Plateau Compression Facility (SPCF) where construction is near complete.The complete is within its A$141 million budget ($97 million) and first gas sales, to the Northern Territory Government, are scheduled for Q3.Tamboran has also started drilling the SS-7H, 8H and 9H wells with the Helmerich & Payne (HP) rig on the SS1 well pad. All three wells will be stimulated in H2 and tied to the SPCF when needed.

$HP$LBRT
Commodities

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

$BKR$CHRD$COP$CRGY$CVX$DVN$EFXT$EOG$HP$LBRT$NBR$NOV$OXY$PDS$PTEN$XOM
Wire

Tamboran Resources Completes Stimulation of Three Wells in Australia's Beetaloo Basin

Tamboran Resources (TBN) has completed stimulation, cleanout, and completion activities of the Shenandoah South 3H, 4H, and 5H shale gas wells in the Northern Pilot Area of the Beetaloo Basin in Australia, the company said Monday.The stimulation activities were executed by the hydraulic fracturing fleet of Liberty Energy (LBRT), according to a statement.Tamboran said it plans to tie in the wells into the Sturt Plateau Compression Facility, which is nearing completion.Tamboran said it has also started drilling activities at the 7H, 8H, and 9H wells on the SS1 well pad using a rig from Helmerich & Payne (HP). The company added that it plans to stimulate the three wells in H2.Price: $31.44, Change: $+0.01, Percent Change: +0.03%

$HP$LBRT$TBN
Commodities

US Land Rig Count Falls by 2 as Permian Activity Declines, RBC Says

The US active land drilling rig count fell by two week over week to 565, driven by lower activity in the Permian Basin, while oilfield services stocks outperformed alongside higher crude prices, RBC Capital Markets analysts said in a Friday note.Citing Baker Hughes (BKR) data, RBC said the US oil-directed land rig count declined by two to 430, while the gas-directed rig count was unchanged at 126. Compared with a month earlier, oil rigs were up by eight, and gas rigs by five.The Permian Basin lost five rigs during the week, leaving 256 active rigs. The basin accounts for about 60% of oil rigs in the Lower 48 states and 45% of the total US land rig fleet, RBC said.Helmerich & Payne (HP) remained the largest drilling contractor in the Permian with 90 rigs, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 29 rigs.Exxon Mobil (XOM) was the basin's most active operator with 34 rigs, ahead of Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 21. Private operators accounted for 43% of active Permian rigs, up from 41% a year earlier.Elsewhere, the Eagle Ford added three rigs to 47, while the Williston Basin was unchanged at 27 rigs.RBC said oilfield services stocks under its coverage gained 4.0% over the week, outpacing a 3.7% rise in the 2026 WTI crude strip to $71 per barrel. Baker Hughes led the group with a 9.1% gain, followed by Patterson-UTI, up 8.4%, and Helmerich & Payne, up 6.5%.For the year to date, RBC's oilfield services coverage group has advanced 31.4%, compared with a 10.9% gain for the S&P 500.Meanwhile, the 2026 Brent crude strip rose 3.5% to $75 per barrel, while the 2026 Henry Hub natural gas strip fell 5.1% to $3.32 per million cubic feet, leaving it nearly 15% below year-ago levels, RBC said.Price: $34.07, Change: $+0.74, Percent Change: +2.22%

$BKR$DVN$HP$NBR$OXY$PTEN$XOM
Commodities

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

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.

$AESI$DVN$HP$NBR$OXY$PDS$PTEN$XOM
Commodities

US Rig Activity Holds Steady as Private Operators Expand Market Share, RBC Says

US drilling activity remained largely stable last week as operators maintained activity levels across major shale basins, RBC Capital Markets said in a Friday note.The Baker Hughes (BKR) US land rig count increased by one rig to 551. Rigs drilling for oil rose by one to 423, while rigs targeting natural gas also increased by one to 122, according to RBC.The Permian Basin held steady at 256 rigs, representing 61% of Lower 48 oil rigs and 46% of total US land rigs. Exxon (XOM) led operators with 34 rigs, followed by Devon (DVN) with 21 and Occidental (OXY) with 20.Private companies accounted for 43% of active Permian rigs, up from 42% a year earlier. Helmerich & Payne (HP) remained the leading contractor with 90 rigs, while Patterson-UTI (PTEN) and Nabors (NBR) operated 31 and 29 rigs, respectively.Eagle Ford activity remained unchanged at 44 rigs. ConocoPhillips (COP) operated seven rigs and EOG Resources (EOG) ran six, while private operators increased their share of active rigs to 45% from 42% a year ago.The Anadarko Basin added one rig over the week to reach 20. Continental remained the largest operator with eight rigs, followed by Mewbourne with seven, while private companies controlled 92% of active rigs.Haynesville drilling activity held steady at 55 rigs. Apex led operators with 13 rigs and Adamas followed with six, while private operators expanded their share to 73% from 66% a year earlier.Helmerich & Payne operated 11 rigs in Haynesville, ahead of ICD with nine, Precision Drilling (PDS) with eight and TG Natural Resources with six.Across the US market, private operators accounted for 57% of active rigs, up from 55% a year earlier. The six largest drilling contractors controlled 72% of active rigs nationwide.Oilfield services stocks fell 9.2% over the week as West Texas Intermediate crude dropped 13.1%. EFX-CA gained 1.6%, while SLB (SLB) and Nabors declined 14.1% and 14.6%, respectively, RBC said.

$BKR$COP$DVN$HP$NBR$OXY$PDS$PTEN$SLB$XOM
Commodities

Oil Gains as Iran Deal Hopes Fade, US Rig Data Sends Mixed Signals, TPH Says

Oil prices rose Monday as prospects for a US-Iran agreement weakened amid reports of new US demands and ongoing military tensions, TPH Energy Research analysts said in a Monday note.Brent crude climbed about 3% from Friday's close after Iran said no agreement had been reached and reports indicated President Donald Trump is seeking revisions to a proposed framework.The move follows a roughly 9% decline in Brent since May 22, when optimism over a diplomatic breakthrough had weighed on prices.The reported changes would address the transfer of Iran's highly enriched uranium stockpile and the reopening of the Strait of Hormuz.TPH said the uranium provision is likely to face strong resistance from Tehran, potentially complicating negotiations already strained by what Iran has described as shifting US positions.Iran has maintained that progress in nuclear talks is contingent on ending the conflict and restoring shipping through the Strait of Hormuz.Economic issues also remain unresolved, with Tehran seeking sanctions relief, access to frozen assets and a reconstruction package reportedly worth about $300 billion.Separately, Qatar's deputy prime minister said temporary fees to fund mine-clearing operations in the Strait of Hormuz could be negotiable. TPH said the remarks mark the first public indication from a regional government that such charges may be considered.On the supply side, US land drilling activity produced mixed signals last week. The Enverus rig count was unchanged at 592 rigs, while the Baker Hughes (BKR) count rose five rigs to 541. Over the past four weeks, the two measures show net gains of six and four rigs, respectively.Enverus reported a six-rig increase in horizontal drilling activity, split evenly between public and private operators, with all gains occurring outside the Permian Basin. The Bakken led with a three-rig increase.TPH cautioned that data quality remains an issue, estimating the Enverus dataset may be missing at least 12 horizontal rigs.Recent rig deployments by Helmerich & Payne (HP), Patterson-UTI (PTEN) and Precision Drilling suggest stronger activity than reflected in the reported figures, with Patterson-UTI and Precision confirming increases in their published rig counts.

$BKR$HP$PTEN
Research

Research Alert: CFRA Keeps Sell Opinion On Shares Of Helmerich & Payne Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $22, raised $3, reflects a 4.8x multiple of enterprise value to projected FY 27 (Sep.) EBITDA, about in line with HP's historical forward average. We now see a FY 26 loss per share of $0.28 vs. prior EPS estimate of $0.12. For FY 27, we keep our EPS estimate unchanged at $0.85. We believe our below-consensus view on earnings power in both FY26 and FY27 speaks to a more tepid pace of recovery in North America, where pricing pressure is still evident. We also note that the International land rig business likely depends, to a significant degree, on how quickly the Middle East recovers from the disruption imposed by the war with Iran. We think E&P customers are not likely to aggressively pursue land drilling expansion plans beyond current budgets (at least not in CY 26). We note that E&Ps also divert a considerable portion of operating cash flow to other areas, such as buybacks and dividends.

$HP
Wire

Oilfield Services Stocks Post Solid Q1 Results Amid Easing Middle East Concerns, Morgan Stanley Says

Oilfield services and equipment stocks delivered strong Q1 results, mainly driven by stable North American activity and better-than-feared Middle East impact, Morgan Stanley said in a note Thursday.According to the note, Middle East disruptions remained the main near-term headwind for the sector, but management teams broadly described the impact as "transitory."Companies including Baker Hughes (BKR), Halliburton (HAL), SLB (SLB), NOV (NOV), Helmerich & Payne (HP), and Tenaris (TS) pointed to effects such as offshore activity curtailments, supply chain friction, higher logistics costs, and softer regional activity.The companies also highlighted incremental activity upside outside the region, as customers increasingly focus on energy security and supply diversification. Tenaris noted that operators are already accelerating North American and offshore activity in response, while Transocean (RIG) said the conflict has reinforced the global energy security imperative, the bank said."The broader takeaway was that the geopolitical shock may ultimately extend the international and offshore upcycle, thus supporting a more constructive medium-term backdrop," the firm added.Morgan Stanley raised its price targets on Tenaris to $53 from $50 and on Helmerich & Payne to $39 from $35.Price: $62.98, Change: $-0.62, Percent Change: -0.97%

$BKR$HAL$HP$RIG$SLB$TS
Research

Research Alert: Hp: A Rough March Quarter, Both At Home And Abroad

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HP posted an adjusted operating loss of $0.38 per share in Q2, deteriorating from a $0.15 loss in Q1 and missing consensus by $0.34, while revenues of $932M fell 8.4% sequentially amid lower activity levels. Adjusted EBITDA of $178M declined 23% sequentially amid persistent margin compression across all segments. Regional headwinds abounded with North America direct margin falling 10% to $215M on reduced average active rigs and pricing pressure, while International plunged 60% to $11.5M primarily due to Middle East conflict impacts starting February 28. Management guided North America direct margin to recover to $230M-$240M in Q4, but provided an exceptionally wide $12M-$32M range for International given ongoing geopolitical uncertainty. HP meaningfully strengthened its balance sheet by completing the Utica Square sale for after-tax proceeds exceeding $100M and retiring $400M in debt ahead of schedule, while returning $25M to shareholders and focusing on the $350M bond maturity in CY 27.

$HP
Wire

RBC Raises Price Target on Helmerich & Payne to $40 From $38, Keeps Sector Perform Rating

Helmerich & Payne (HP) has an average rating of hold and mean price target of $38, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $37.39, Change: $+0.49, Percent Change: +1.33%

$HP
Research

Research Alert: Hp: A Rough March Quarter, Both At Home And Abroad

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HP posted an adjusted operating loss of $0.38 per share in Q3, deteriorating from a $0.15 loss in Q2 and missing consensus by $0.34, while revenues of $932M fell 8.4% sequentially amid lower activity levels. Adjusted EBITDA of $178M declined 23% sequentially amid persistent margin compression across all segments. Regional headwinds abounded with North America direct margin falling 10% to $215M on reduced average active rigs and pricing pressure, while International plunged 60% to $11.5M primarily due to Middle East conflict impacts starting February 28. Management guided North America direct margin to recover to $230M-$240M in Q4, but provided an exceptionally wide $12M-$32M range for International given ongoing geopolitical uncertainty. HP meaningfully strengthened its balance sheet by completing the Utica Square sale for after-tax proceeds exceeding $100M and retiring $400M in debt ahead of schedule, while returning $25M to shareholders and focusing on the $350M bond maturity in 2027.

$HP
Commodities

US Active Rig Count Slips by 1 Week Over Week, US-Focused Service Firms Perform Strongly in Q1: RBC

Baker Hughes (BKR) US active land rig count fell by one week over week to 529, RBC Capital Markets said on Monday, while the US oil land rig count was flat at 397.The gas land rig count decreased by two in the week to 125, while miscellaneous rigs increased by one. The US oil land rig count fell by four month over month, while the gas land rig count fell by six over the same period.The Permian Basin's active rig count was flat over the week at 242. That region alone has 61% of the Lower 48 rigs and 46% of total land rigs in the US.US December production, based on EIA data, was 13.2 million barrels a day, rising 1% year over year, mainly driven by rising offshore production, which climbed 12% year over year.At the same time, land production decreased by an average 111,000 barrels per day as increases in New Mexico were partially offset by reductions elsewhere.Natural gas withdrawals in the US were 132 billion cubic feet per day, up 4% and supported by gains in Louisiana and New Mexico, RBC said.The three most active drillers in the Permian Basin are Helmerich & Payne (HP), with 88 rigs and 35% of the total, Patterson-UTI Energy (PTEN) with 31 rigs and Nabors Industries (NBR) with 27 rigs.The most active Permian operators are Exxon Mobil (XOM) with 34 rigs, Occidental (OXY) with 20 and ConocoPhillips (COP) with 16.In Haynesville, the rig count fell by 1 to 55 and the three most active drillers were Helmerich & Payne with 10 rigs, Independence Contract Drilling (ICD) with 9 and Precision Drilling (PD) with 8.WTI crude stocks fell by 5% week on week, RBC said.NOV (NOV) lowered its first quarter guidance due to financial impacts from disruption in the Middle East during March. Its updated EBITDA guidance is for $177 million,RBC has downgraded NOV to sector perform it said, noting less compelling risk/reward opportunity in its shares.Stocks in RBC's coverage universe within oil and gas services have risen by 36% this year with US-focused firms outperforming those with exposure in the Middle East.

$BKR$COP$HP$NOV$OXY$PTEN$XOM

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