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; PTEN Business Activity Update 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

PTEN (Not Covered) Business Activity Update Analyst

In a press release last week, PTEN (not covered) provided a drilling activity update. For peyton.dorne@ubs.com

the month of May, PTEN had an average of 92 drilling rigs operating in the United States, +1-212-713 4359

up from the low of 88 in April. Looking ahead, PTEN expects this recovery to continue.

PTEN expects to exit 2Q26 with 95 active rigs, while it anticipates additional rig

reactivations in early 3Q26. Combined, PTEN expects to exit 2026 with 100+ active rigs.

Discussions around rig adds are being seen with both public and private operators. We

view the update here as in line with our assumption that producers will likely wait for

2Q26 earnings calls to add incremental activity. With this, we see producers likely

reinvesting capex savings to drive exit-rate volumes higher in 2026, rather than

capturing savings as FCF.

Latest UBS Evidence Lab Rig Data Update: