EOA Rig Count Report

Tight oil plays lost 91 rigs since the beginning of the year, Back to the pre-Ukraine invasion level

MAIN TAKEAWAY

• Now we are back to the pre-Russian invasion of Ukraine. Both the total rig count and the rig count in the Permian declined to pre-invasion levels.

• Rig count continued to decline especially in the Permian! Oil-directed rig count in tight oil plays declined by 86 since the beginning of the year!  

• However, it seems that 3 oil rigs in the Permian might have been reclassified from oil to gas.

IN DETAIL