North American Oil & Gas: Active Rig Monitor Weekly; OFS Commentary Reinforces Improving Frac Backdrop

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North American Oil & Gas: Active Rig Monitor Weekly; OFS Commentary Reinforces Improving Frac Backdrop

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North American Oil & Gas Equities

AmericasActive Rig Monitor Weekly; OFS Commentary

Reinforces Improving Frac Backdrop 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

OFS Frac Commentary Signals Positive Demand and Pricing Trends Analyst

HAL. They highlighted NAM is recovery with a clear upward shift in momentum peyton.dorne@ubs.com

with both activity and pricing improving. Despite some transitory Int'l headwinds +1-212-713 4359

hurting the 3Q guide, NAM is a clear positive driver of margin expansion. For HAL, Phoebe Knag

with most of its capacity under long-term contracts, the pickup in pricing is a Associate Analyst

steady march vs. one time step functions. phoebe.knag@ubs.com

+1-212-713 5000

LBRT. LBRT delivered the most constructive frac commentary of the group, stating

that NAM frac markets improved in 2Q26, supported by higher producer activity,

tightening fleet availability and a gradual recovery in service pricing. They reported

essentially full 3Q calendars with only modest white space remaining and a

continued pricing push, particularly for premium digiPrime fleets. LBRT also