North American Oil & Gas "Active Rig Monitor Weekly; UBS Evidence Lab in..."

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North American Oil & Gas "Active Rig Monitor Weekly; UBS Evidence Lab in..."

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North American Oil & Gas Equities

AmericasActive Rig Monitor Weekly; UBS Evidence Lab

inside; Following Up On Frac Activity Energy

Josh Silverstein

Analyst

josh.silverstein@ubs.com

Oil & Gas Active Rig Monitor Weekly +1-212-713 3513

Using data provided by the UBS Evidence Lab, our weekly analyzes drilling activity by Oil William Barber

and Gas producers across the U.S. Lower48's key regions. Within the note and dataset, Associate Analyst

we highlight drilling rigs by play and operator, including private operators. We also william.barber@ubs.com

highlight current active rigs vs. the latest guidance offered by the operator. +1-212-713 5553

Peyton Dorne

Following Up On Frac Activity Analyst

After highlighting recovering frac activity last week, the U.S. L48 frac spread count peyton.dorne@ubs.com

increased another 5 crews w-o-w, the 5th consecutive increase of 4-5 crews. Now sitting +1-212-713 4359

at 189 crews, this is the first time in two years where the frac spread count is higher Y/Y.

Frac Takeaways From LBRT CFO Meeting

The improving frac outlook was a key topic of conversation in our management meeting

with LBRT CFO, Michael Stock, in Denver last week (Takeaways Here). Based on the

conversation, it’s clear that spot frac work continues to get filled, as E&Ps are adding

activity where they can. For LBRT, the result here is keeping some legacy crews running

that were originally slated to be replaced with digiFleets, while its high-end frac

equipment remains tight. Higher diesel prices also make LBRT’s e-fleets more economic.

As contracts for LBRT’s high-end equipment mature quarter-to-quarter, we see LBRT