North American Oil & Gas: Active Rig Monitor Weekly; HAL Comments On NAM Frac; OFS Positioning Into 2Q Updates

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North American Oil & Gas: Active Rig Monitor Weekly; HAL Comments On NAM Frac; OFS Positioning Into 2Q Updates

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North American Oil & Gas Equities

AmericasActive Rig Monitor Weekly; HAL Comments On

NAM Frac; OFS Positioning Into 2Q Updates 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

& Gas producers across the U.S. Lower48's key regions. Within the note and dataset, we Associate Analyst

highlight drilling rigs by play and operator, including private operators. We also highlight william.barber@ubs.com

current active rigs vs. the latest guidance offered by the operator. +1-212-713 5553

Peyton Dorne

HAL Highlights Strengthening NAM Frac Activity Analyst

HAL's 2Q26 earnings update had a constructive frac outlook, with mgmt. citing peyton.dorne@ubs.com

improving NAM activity, evidenced by 30+ rig additions. HAL also highlighted increasing +1-212-713 4359

Gulf of America fluids demand and higher U.S. land stimulation activity, noting that

available white space was filled in 2Q26 and that this trend likely continues into 3Q26.

Domestic margins expanded in 2Q26, and this is expected to continue into 2H26,

although HAL did emphasize its willingness to redeploy fleets to Int'l markets, where

margins are potentially more attractive.

OFS Positioning Heading into 2Q26 Earnings

In last week's July Crowding report (note), we highlighted our OFS group's weakening

investor positioning in 2Q26. HAL screened as the only extremely crowed long (22.1)

into its earnings release. SLB's crowding score (3.6) trailed HAL, as SLB shares have