North American Oil & Gas: Active Rig Monitor Weekly; UBS Evidence Lab inside; Latest Baker Hughes Data Shows Falling Gas Rig Activity

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North American Oil & Gas: Active Rig Monitor Weekly; UBS Evidence Lab inside; Latest Baker Hughes Data Shows Falling Gas Rig Activity

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inside; Latest Baker Hughes Data Shows Falling Energy

Gas Rig Activity 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

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

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

Peyton Dorne

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

Analyst

peyton.dorne@ubs.com

Latest Baker Hughes Data Shows Falling Gas Rig Activity +1-212-713 4359

In its weekly update on June 12th, Baker Hughes reported that its U.S. gas-directed rig

count had fallen to 121, down three on a week-over-week basis, and the lowest level

since October 2025. Front-month Henry Hub gas prices have weakened coming out of

winter, and we see this move lower in the gas rig count reflecting both the lower near-

term prices, and the drop in expectations for future prices. YTD the 2027 Henry Hub

Strip is down 7%, and as we highlighted in our June 10th Gas Digest note, the EIA's

$3.46/mmbtu 2027 forecast is down from a forecast of $4.59/mmbtu at the start of the

year, underscoring this declining outlook.

Our recent checks with private gas E&Ps have noted the potential for a reevaluation of

2027 activity, if the Strip doesn't rebound from current levels heading into 2027. On the