Oilfield Services: US drilling rig report and comps

Research evidence excerpt

Oilfield Services: US drilling rig report and comps

RBC Dominion Securities Inc.

Keith Mackey, CFA (Analyst)

(403) 299-6958,

keith.mackey@rbccm.com

Kate Ross, CPA (Associate)

(403) 299-6952,

kate.ross@rbccm.com

June 8, 2026

Oilfield Services: US drilling rig report and compsRESEARCH US active land rig count up 8 w/w to 549

Our view: In this publication, we cross-reference public drilling rig data sources to track short- and

longer-term trends in rig activity levels. Please see Exhibits 2–12 for overall and basin-specific activity

trends across drillers, basins, and customers. Exhibits 13 and 14 highlight our valuation comparables,

ratings, and price targets for companies under coverage.

Baker Hughes land rig count up 8 w/w to 549

The US oil land rig count increased by 8 w/w to 418, while the gas land rig count remained flat w/w atEQUITY 124. The US oil land rig count is up 26 m/m, while the gas land rig count is down 4 m/m. The Permian

active rig count of 257 increased 2 w/w. The region accounts for 61% of oil rigs in the Lower 48 and

47% of total US land rigs.

Key basin and rig type trends

Permian ↑ 2 rigs w/w to 257. The three most active drillers in the Permian are HP (89 rigs, 34% of

total), PTEN (31 rigs, 12% of total), and NBR (29 rigs, 11% of total). The most active Permian operators

are Exxon (34 rigs), Devon (21 rigs), and Occidental (21 rigs). Private operators account for 41% of active

Permian rigs versus 43% a year ago.

Eagle Ford flat w/w at 44. The three most active drillers in the Eagle Ford are HP (15 rigs, 33% of total),

NBR (11 rigs, 24% of total), and PTEN (7 rigs, 16% of total). The most active Eagle Ford operators are

ConocoPhillips (7 rigs), EOG (5 rigs), and Crescent Energy (4 rigs). Private operators account for 44% of