JPM OFS and Equipment: Weekly Insights & Analytics: U.S. Land Rig Market Evolution Since Beginning of Iran Conflict

Research evidence excerpt

JPM OFS and Equipment: Weekly Insights & Analytics: U.S. Land Rig Market Evolution Since Beginning of Iran Conflict

J P M O R G A N North America Equity Research

17 June 2026

JPM OFS and Equipment

Weekly Insights & Analytics: U.S. Land Rig Market

Evolution Since Beginning of Iran Conflict

JPM View: This week, we review U.S. land rig trends over the past three and a half Oil & Gas Exploration & Production

ACmonths following the start of the Iran conflict in early March, covering the period Arun Jayaram

2/28/2026 to 6/9/2026. Using Enverus data, the U.S. land rig count has experienced (1-212) 622-8541

a notable resurgence, rising by +7% or +39 rigs from 545 to 584. Private operators arun.jayaram@jpmchase.com

accounted for ~70% of the growth, adding +27 rigs, while public companies added Sowmya Vemulapalli

+11 rigs and majors added +1 rig, bringing the current counts to 294, 203, and 87 (1-212) 270-4660

rigs, respectively. Among private operators, the largest additions came from sowmya.vemulapalli@jpmchase.com

Adamas Energy (+4), Continental Resources (+2), and Hilcorp (+2). Mewbourne Jason Kim

Oil, Tg Natural Resources, Validus Energy, Surge Operating, Wildfire Energy, (1-212) 622-1408

jason.b.kim@jpmchase.com

Warwick Partners III, Triple Crown, and Vtx Energy each added +1 rig on average. J.P. Morgan Securities LLC

For public companies, FANG added +3 rigs and OXY added +2 rigs. Following its

merger with CTRA, DVN added +3 rigs over the past month. Other public E&Ps

including EOG, CRC, AR, RRC, MNR, REI, 8031, and KMI added +1 rig each on Recent Thematic Work:

average over the past three months. Among the majors, COP added +3 rigs and 2026 OFS & Equipment Outlook

CVX added +2 rigs on average since March, while XOM and BP each dropped -1

JPM E&P and OFS Question Bankrig.