JPM Shale Land Rig Analysis: Analyzing Activity Trends by Operator, Basin, and Drilling Contractor: Land Rig Activity Rises by a Whopping +11 Rigs

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JPM Shale Land Rig Analysis: Analyzing Activity Trends by Operator, Basin, and Drilling Contractor: Land Rig Activity Rises by a Whopping +11 Rigs

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

19 June 2026

JPM Shale Land Rig Analysis

Analyzing Activity Trends by Operator, Basin, and

Drilling Contractor: Land Rig Activity Rises by a

Whopping +11 Rigs

JPM View: This week, we observed U.S. land rig activity increase by a whopping Oil & Gas Exploration & Production

AC+11 rigs WoW. As highlighted in Figure 1, there were 595 rigs operating in the U.S. Arun Jayaram

over the past week, with Private E&Ps operating 302 rigs (51%), Public E&Ps with (1-212) 622-8541

206 rigs (34%), and Majors with 88 rigs (15%). Over the past week, we have arun.jayaram@jpmchase.com

observed a +11 rig increase in total U.S. land activity, driven by Haynesville adding Sowmya Vemulapalli

+4 rigs, MidCon adding +3 rigs, DJ adding +1 rig, and Midland adding +1 rig. (1-212) 270-4660

Other basins also added +4 rigs WoW. These rig additions fully offset the -1 rig drop sowmya.vemulapalli@jpmchase.com

from the Delaware Basin. Among public drilling contractors, notable changes Jason Kim

included PTEN and NBR adding +2 rigs each, while Other contractors added +7 (1-212) 622-1408

jason.b.kim@jpmchase.com

rigs WoW. HP is the most active U.S. drilling contractor with 145 active rigs, J.P. Morgan Securities LLC

followed by PTEN (88 rigs), NBR (73 rigs), ESI (37 rigs), and PD (33 rigs). We

note that PTEN reported 95 active rigs as of today, which compares to the 88 rigs

reported by Enverus. In terms of the Private E&P mix, PD is the most levered to

Private operators among the 5 key drillers with 72% of its rigs contracted by

Privates. PTEN has over half of its rigs contracted by Privates (55%), but this