[COPY] EOA Rig Count Report
What is going on in the Permian?
Dear readers: we are resending this because of a typo in the first Main Takeaway. the correct sentence is “since August 20123”. Thanks to our friend Mr. Reynolds who alerted us to the typo.
MAIN TAKEAWAY
Something strange is happening in the Permian: Oil-directed rig count decreased by 6 and gas rig count increased by 7! We have not seen such a gas rig count since August 2013.
Permian’s oil-directed rig count is at its lowest since April 2022.
We need to wait a couple of weeks to determine what is going on: Is the Permian getting gassier? Or this is the shift due to misclassification?
At this point rig counts are almost where they were before the Russian invasion of Ukraine. Should we look at this as a return to normalcy?