Oilfield Services Update from RBC Capital - July 5

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Oilfield Services Update from RBC Capital - July 5

Post by dan_s »

Baker Hughes land rig count down 4 w/w, to 733
The US oil land rig count remained flat at 578 w/w, while the gas land rig count decreased by 4 w/w to
153. The Permian active rig count of 349 remained flat w/w. The region accounts for 61% of oil rigs in
the Lower-48 and 48% of total US land rigs.

Activity trends by basin: Anadarko down 5 w/w
Permian flat w/w, at 349. The three most active drillers in the Permian are HP (93 rigs, 27% of total),
PTEN (51 rigs, 15% of total), and NBR (34 rigs, 10% of total). The most active Permian operators are
Pioneer (26 rigs), EOG (19 rigs), and Mewbourne (17 rigs).

Eagle Ford ↓ 4 rigs w/w, to 68. The three most active drillers in the Eagle Ford are HP (27 rigs, 35% of
total), NBR (14 rigs, 18% of total), and ESI (8 rigs, 10% of total). The most active Eagle Ford operators
are ConocoPhillips (6 rigs), EOG (5 rigs), and Chesapeake (4 rigs).

Haynesville flat w/w, at 69. The three most active drillers in Haynesville are HP (15 rigs, 19% of total),
PD (13 rigs, 17% of total), and NBR (11 rigs, 14% of total). The most active Haynesville operators are
Aethon (14 rigs), Southwestern (9 rigs), and Comstock (7 rigs).

Anadarko ↓ 5 rigs w/w, to 27. The three most active drillers in the Anadarko are HP (12 rigs, 16% of
total), PTEN (10 rigs, 13% of total), and Cactus (7 rigs, 9% of total). The most active Anadarko operators
are Continental (6 rigs), Citizen (5 rigs), and Devon (4 rigs). < Devon and EOG are two companies within my coverage which could take a look at making a competitive bid for CLR.
Dan Steffens
Energy Prospectus Group
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