EOA Rig Count Report

Watch offshore GOM!

MAIN TAKEAWAYS

• The total number of rigs increased by 3 from the previous week (oil +5, gas -2). Given the new spending cycle, it’s likely that there will be further increases in the coming weeks.

• The oil-directed rig count in tight oil plays increased by 3 week-over-week (WoW).

• The oil-directed rig count in the Permian Basin increased by 3 to 353 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 3 last week to 19 rigs, the highest since March 2020.

IN DETAIL