EOA Rig Count Report

In 16 weeks, Permian oil-directed rig count declined by 40 (7 charts).

MAIN TAKEAWAY

• The rig count declined to the lowest level since early February 2022 (The Russian invasion of Ukraine happened on February 24, 2022).

• The oil-directed rig count declined by 8, all in tight all plays, mostly in the Permian. It remains to be seen whether this is an actual decline or rigs being moved to other locations.

• Gas-directed rig count declined by 2. The decline in rig count returned to Haynesville.  The gas-directed rig count in Haynesville is at its lowest level since December 2020.

IN DETAIL