EOA Rig Count Report

MAIN TAKEAWAYS

• The total number of rigs decreased by seven from the previous week (oil: -3, gas -4). This decline is normal for this time of the year.

• The oil-directed rig count in tight oil plays was FLAT week-over-week (WoW).

• The oil-directed rig count in the Permian Basin was also FLAT at 350 rigs, the highest since early April 2020.

• While high oil prices in 2022 failed to stimulate drilling activities in the Gulf of Mexico (GoM), the number of rigs increased by one last week.

IN DETAIL