EOA Rig Count Report

In 11 weeks, Permian oil-directed rig count declined by 34 (6 charts)

MAIN TAKEAWAY

• Permian’s oil-directed rig count continued to decline. It is at its lowest level since April 2022.

• At this point, rig counts are where they were before the Russian invasion of Ukraine. We repeat our question: Should we look at this as a return to normalcy?

• It was not the bottom in Haynesville. It lost one rig last week.

IN DETAIL