EOA Rig Count Report

In 12 weeks, Permian oil-directed rig count declined by 33 (6 charts)

MAIN TAKEAWAY

• We expect the rig count in the Permian to start rising again as oil prices increase above $80/b.

• Permian’s oil-directed rig count halted its decline and add added 1 rig.  

• 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 and any reaction from now on as a function of costs and prices rather than political events?

IN DETAIL