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Commodities

US, Canada Activity Growth Lifts Oilfield Services Outlook, RBC Says

Growing North American activity, improving pricing trends, and expanding power-generation opportunities supported a broadly positive outlook for oilfield services companies at RBC Capital Markets' energy conference, the firm said Sunday.Land drillers indicated that US activity could strengthen through 2026, with Patterson-UTI Energy (PTEN), Precision Drilling (PDS), and Ensign Energy Services currently operating a combined 171 rigs, including 94, 37, and 40, respectively.Representing about 32% of the US land rig fleet of 541, those companies outlined plans to add 10 to 16 rigs next year, implying an industry-wide increase of roughly 32 to 51 rigs and lifting the total count to 573 to 592 rigs by the end of 2026.Several conference participants also noted that approximately 30 idled rigs could return to service for low-single-digit millions of dollars, RBC said.Pricing trends appeared more favorable in pressure pumping than drilling, with Halliburton (HAL), Liberty Energy (LBRT), Patterson-UTI, and Trican Well Service pursuing price increases as momentum builds in the second quarter of 2026 and larger gains emerge in the second half of the year.On the drilling side, Patterson-UTI said rig pricing improved from the low $30,000-per-day range to the low- to mid-$30,000-per-day range, while Nabors Industries (NBR) expects rates to reach the mid-$30,000-per-day range as super-spec rig utilization exceeds 70%.In Canada, the rig count remained at 182, with Precision Drilling reporting record second-quarter 2026 activity levels and Ensign Energy Services expecting operations to rise from 30 rigs after spring break-up to more than 50 rigs during the third quarter of 2026.While disruptions persisted in Kuwait, Iraq, and Qatar, activity in Saudi Arabia, Oman, and the UAE continued at a more normalized pace, and Enerflex (EFXT) pursued expansion opportunities in Saudi Arabia and the UAE, RBC said.International growth opportunities continued to expand, with Halliburton securing a multi-billion-dollar pressure pumping contract from YPF in Argentina, while Venezuela remained a longer-term opportunity highlighted by Halliburton, Weatherford International (WFRD), Ensign Energy Services, and Baker Hughes (BKR).Power generation emerged as another major theme, with Liberty Energy, Atlas Energy Solutions (AESI), and Enerflex evaluating more than 21 gigawatts of opportunities, as data center demand and grid constraints support behind-the-meter projects.Although investors generally support the bullish case for energy services because of stronger commodity prices, Middle East supply disruptions, and favorable producer outlooks, many remain cautious while awaiting further developments in the Iran conflict, RBC said.

$AESI$BKR$EFXT$HAL$LBRT$NBR$PDS$PTEN$WFRD
Insider Trading

Patterson UTI Energy Insider Sold Shares Worth $1,720,500, According to a Recent SEC Filing

James Michael Holcomb, Executive Vice President & Chief Operating Officer, on May 28, 2026, sold 150,000 shares in Patterson UTI Energy (PTEN) for $1,720,500. Following the Form 4 filing with the SEC, Holcomb has control over a total of 421,523 common shares of the company, with 421,523 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/889900/000153862326000005/xslF345X05/wk-form4_1780347505.xml

$PTEN
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
Insider Trading

Patterson Uti Energy Insider Sold Shares Worth $4,624,225, According to a Recent SEC Filing

Robert Wayne Drummond Jr, Director, on May 01, 2026, sold 384,174 shares in Patterson Uti Energy (PTEN) for $4,624,225. Following the Form 4 filing with the SEC, Drummond has control over a total of 1,128,773 common shares of the company, with 1,128,773 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/889900/000162828026030093/xslF345X05/wk-form4_1777944965.xml

$PTEN
Commodities

US Land Rig Count Slides as Permian Activity Softens, RBC Says

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%

$COP$OXY$PTEN$XOM
Research

Research Alert: CFRA Maintains Sell Opinion On Shares Of Patterson-uti Energy, 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 $9.50, raised from $6.50, reflects a 4.8x multiple of enterprise value to projected '27 EBITDA, about in line with PTEN's historical forward average. Our DCF model, using a WACC of 7.7% and terminal growth of 2.0%, also finds shares to be slightly overvalued. We narrow our projected '26 operating loss per share by $0.13 to $0.21, and similarly, '27's by $0.27 to $0.02. Shares are trading about 20% above PTEN's historical forward average on EBITDA, and the bull case for the company rests on a near-term inflection point in its Completion Services segment (a segment that comprised 37% of Q1 2026 EBITDA before corporate expenses), in our view. To be fair, privately-held E&Ps do appear to be ramping up spending in response to the surge in crude oil prices, but we do not anticipate similar behavior from the public E&Ps until at least 2027, and possibly not to the degree that PTEN might hope.

$PTEN
Research

Research Alert: Pten: U.s. Headwinds Persist In Q1; Revenues Fall 13%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Patterson-UTI Energy Inc. (PTEN) delivered a Q1 2026 operating loss of $0.06/share vs. breakeven results in Q1 2025, beating the consensus estimate by $0.04. Total revenues of $1.12B fell 13% Y/Y with double-digit declines in both Completion Services (down 11% to $680M) and Drilling Services (down 15% to $352M). We think the bull case for PTEN rests on the U.S. industry responding to the Middle East war with a sizable hike in upstream capex. The company noted upstream customers continue to prioritize shareholder returns over reinvestment into the oilfield, which in our view is a secular problem. U.S. operating days dropped 13%, adjusted operating margins narrowed 120 bps to 18.4%, and adjusted EBITDA fell 18% to $205M. Free cash flow turned negative at -$53M vs. +$46M in the prior year, while cash balances dwindled 20% to $337M. Given uncertainty over war duration following the February 28 onset, we find it difficult to conclude that U.S. E&Ps will abandon their prior spending restraint.

$PTEN
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
Oil & Energy

Middle East Rig Count Dropped in March, RBC Says

Middle East onshore rig counts fell by 43 rigs, or 5% over the month in March, while offshore counts declined by 10 rigs, or 4%, RBC Capital Markets strategists said in a Tuesday note.These disruptions, along with higher logistics and staffing costs, are expected to pressure first-half results for companies with regional exposure, RBC said.In the US, Q1 rig counts totaled 530, down 7% over the year but above RBC's estimate of 518, prompting an upward revision to its 2026 forecast to 544 from 526.RBC expects activity to remain supported by higher oil prices, easing concerns about a potential drop in West Texas Intermediate crude to $50 per barrel coming into 2026.In Canada, rig counts reached 216, down 4% over the year but slightly above RBC's estimate of 214, with spending expected to remain broadly flat, RBC said.Meanwhile, oilfield services stocks have surged about 36% in 2026, with valuations shifting higher as the sector heads into the Q1 earnings season, strategists said.RBC said Q1 reporting begins Apr. 21 with Halliburton (HAL), Saipem, and Weatherford (WFRD), as investors assess geopolitical risks and future production recovery trends, the report said.RBC said US-focused companies have outperformed peers with Middle East exposure this year, reflecting stronger domestic activity trends and fewer geopolitical disruptions.The firm's top picks include Schlumberger (SLB), Baker Hughes (BKR), TechnipFMC (FTI), Enerflex (EFXT), Patterson-UTI Energy (PTEN), Hunting and CES Energy Solutions, according to the note.Meanwhile, RBC lowered its Q1 EBITDA estimates by 2.4%, with the largest revisions for Schlumberger (SLB) and Trican Well Service (TCW), while raising forecasts for Saipem, TechnipFMC and Enerflex.The revised estimates generally fall below consensus, particularly for Trican Well Service, Atlas Energy Solutions (AESI) and Calfrac Well Services (CFW), while exceeding expectations for Halliburton, Enerflex and Ensign Energy Services, RBC said.RBC downgraded Trican Well Service to sector perform from outperform with a $7.50 price target and cut NOV (NOV) to sector perform from outperform with a $21 price target.

$AESI$BKR$EFXT$FTI$HAL$NOV$PTEN$SLB$WFRD