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

Research evidence excerpt

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

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North American Oil & Gas Equities

AmericasActive Rig Monitor Weekly; UBS Evidence Lab

inside; Private Operators Edge Forward in Share Energy

of Active Rigs Josh SilversteinAnalyst

josh.silverstein@ubs.com

+1-212-713 3513

Oil & Gas Active Rig Monitor Weekly William Barber

Associate Analyst

Using data provided by the UBS Evidence Lab, our weekly analyzes drilling activity by Oil william.barber@ubs.com

& Gas producers across the U.S. Lower48's key regions. Within the note and dataset, we +1-212-713 5553

highlight drilling rigs by play and operator, including private operators. We also highlight

Peyton Dorne

current active rigs vs. the latest guidance offered by the operator.

Analyst

peyton.dorne@ubs.com

Private Operators Edge Forward in Share of Active Rigs +1-212-713 4359

The share of active rigs operated by UBS-covered public companies has fallen from 48%

to 43% since February. Non-covered operator rig counts are up 18% YTD compared to a

1.5% increase for covered public operators. On a 4-week average basis, public

operators have added 4 rigs YTD, versus a 54 rig increase for non-covered operators. At

the play level, the strongest torque in oil activity has been in the Permian (+26 rigs) and

Eagle Ford (+9 rigs). The Haynesville has led on the gas side with a 13 rig jump YTD.

Within UBS's coverage universe, 56% of companies have maintained flat rig counts

YTD, with only FANG, DVN, and EOG posting rig count increases across the E&Ps. The

muted response from public E&Ps suggests a business-as-usual approach amid the

volatile commodity backdrop. In contrast, the jump in private operator activity indicates