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

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

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North American Oil & Gas Equities

AmericasActive Rig Monitor Weekly; UBS Evidence Lab

inside; Activity Read-Throughs Post 1Q26 Energy

Earnings 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

Limited Rig Adds For Pubic E&Ps With 1Q Prints +1-212-713 4359

Last week, we highlighted the 1Q updates from COP/FANG/CVX/XOM (note). Of this

group, COP and FANG pointed to higher rig levels in 2H26. However, across the rest of

the E&Ps, just CRC disclosed plans to add new rigs as they would have otherwise been

showing volume declines into YE26. EOG’s total rig level isn’t rising, activity is shifting

from its gassy Dorado play to the Utica and Delaware. CHRD is shifting more TILs into

2Q26, due to operating efficiencies, with savings enabling incrementally more activity, a

strategy shift as in recent years, its improved cycle times resulted in budget cuts instead.

Last, PR and MTDR both held Delaware rig levels flat. PR emphasized they don't want to

add more equipment to its operations, but did lift its FY26 oil production outlook due to

the success of its workovers. MTDR similarly boosted its FY26 oil production guide