EOA Rig Count Report

Oil-directed rig count in tight plays is increasing (with 7 charts)

MAIN TAKEAWAY

• Gas-directed rig count in the Haynesville is at its lowest level since October 2020. Total gas-directed rig count is at its lowest since January 2022.  We all know that the industry decided to cut spending and lower the rig count. The cut is coming from high cost areas. We expect the gas rig count to go even lower in order to rebalance the market.

• Oil-directed rig count in tight plays has been virtually flat this year as shown in Figure (2) below.

IN DETAIL