Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
The oil and gas rig count, an early indicator of future output, rose by two to 619 in the week to April 19.
The oil and gas rig count, an early indicator of future output, fell by three to 617 in the week to April 12, the lowest since November.
The oil and gas rig count, an early indicator of future output, fell by one to 620 in the week to April 5, the lowest since early February.
The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
The oil and gas rig count, an early indicator of future output, rose by seven to 629 in the week to March 15.
TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.
The oil and gas rig count, an early indicator of future output, fell by seven to 622 in the week to March 8, the lowest since Feb. 16.