EOA Rig Count Report

MAIN TAKEAWAY

• The oil-directed rig count increased in the tight plays despite a decline in the total count.

• In Haynesville, the rig count kept declining, hitting the lowest level since early December 2021. The Haynesville lost all the rigs it gained since Russia’s invasion of Ukraine.

• We remain bullish in the second half of the year (in the absence of a recession).  We expect the frac spread count to increase followed by an increase in the rig count.

IN DETAIL