North American Oil & Gas: Active Rig Monitor Weekly; UBS Evidence Lab inside; 2Q26 OFS Preview Call Takeaways

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North American Oil & Gas: Active Rig Monitor Weekly; UBS Evidence Lab inside; 2Q26 OFS Preview Call Takeaways

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North American Oil & Gas Equities

AmericasActive Rig Monitor Weekly; UBS Evidence Lab

inside; 2Q26 OFS Preview Call Takeaways 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

2Q26 OFS Preview Call Takeaways Analyst

NAM Frac Activity: We expect LBRT and HAL to benefit from higher NAM frac peyton.dorne@ubs.com

utilization during 2Q26. While the long-term frac outlook has drawn concerns +1-212-713 4359

amidst recent oil price volatility, we still see pricing improvements in NAM for

2H26+ vs. trough levels in 1Q26. We expect this to start showing up in stages

going forward.

NAM Rig Activity: NAM rig activity increased in 2Q26 relative to early 2026

levels. This week, the Lower48's 4-week average active rig count jumped 8 rigs to

600, up 57 rigs y-o-y and up 52 rigs YTD. Our coverage now represents 42% of

total L48 active rigs, down 4% YTD. Yesterday, PTEN (not covered) released its 2Q

rig data, reporting an average of 95 rigs for the month of June, a YTD high.

Middle East: Middle East activity is generally tracking expectations, with SLB,

HAL, and BKR restarting some operations during 2Q26. The one bogey was Iraq,