Canada and United States Rig Activity as of 01/24/25

Recent Notes

• Canada’s Upstream Hydrocarbon Industry, Part 1 (link)

• Canada’s Upstream Hydrocarbon Industry, Part 2 (link)

New to the newsletter? Check out the archive (here) to review prior rig count and research notes.

4Q24 Earnings Presentation, Canadian E&Ps

• Suncor Energy Inc. (SU), February 6, Time: 7:30 MT (link)

• ARC Resources Ltd. (ARX), February 6, Time: TBD

• Birchcliff Energy Ltd. (BIR), February 12, Time: TBD

• Whitecap Resources (WCP) February 19, Time: TBD

• Cenovus Energy Inc. (CVE) February 20, Time: 9:00 MT

• Tamarack Valley Energy Ltd. (TVE) February 25, Time: 9:30 MT (link)

• Veren Inc. (VRN), February 27, Time: TBD

• MEG Energy Corp. (MEG), February 27, Time: TBD

• Baytex Energy Ltd. (BTE), March 4, Time: TBD

• Tourmaline Oil Corp. (TOU), March 5, Time: TBD

• NuVista Energy Ltd. (NVA), March 5, Time: TBD

• Athabasca Oil Corporation (ATH), March 5, Time: TBD

• Vermilion Energy Inc. (VET), March 6, Time: TBD

• Peyto Exploration & Development Corp. (PEY), March 11, Time: TBD

Yet to Announce

• Canadian Natural Resources Limited (CNQ)

• Paramount Resources Ltd. (POU)

• Imperial Oil Resources (IMO)

Baker Hughes Rig Count (as of 01/24/25)

• Current week total rig activity was 243, up from 227 rigs the previous week

• Rig adds were in NW AB (+4), Foothills (+1), Central AB (+2), East Central AB (+3), NE AB (+3), SE AB (+1), SE SK (+2), and MB (+1)

• Rig reductions were in Central SK (+1)

Rig Count by E&P (as categorized by OilGasPages.com)

• Rig activity for the week of 1/24/25 by Canadian Companies Mentioned totaled 112, down from 118 rigs from the prior week

• Rig count leaders by E&P include TOU (16), WCP (13), CVE (12), CNQ (12), and BTE (10)

• Rig adds were BTE (+2), VET (+1), ATH (+1)

• Rig reductions were CVE (-4), VRN (-3), POU (-1), SU (-2), PEY (-1), MEG (-2)

• Among US-based E&Ps operating in Canada, COP added 3 rigs to operate 4 rigs. OVV maintains 3 rigs and MUR maintains 2 rigs.

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4Q24 Earnings Presentation, USA E&Ps

• Murphy Oil Corp (MUR), January 30, 7:00AM MT (Link)

• CNX Resources Corporation (CNX), January 30, 8:00AM MT (Link)

• Exxon Mobil Corporation (XOM), January 31, 7:30AM MT (Link)

• Chevron Corporation (CVX), January 31, 9:00AM MT (Link)

• ConocoPhillips Canada Resources Corp. (COP), February 6, 10:00AM MT (Link)

• Antero Resources Corporation (AR), February 13, 9:00AM MT (Link)

• EQT Corporation (EQT), February 19, 8:00AM MT (Link)

• Devon Energy Corporation (DVN), February 19, 9:00AM MT (Link)

• Magnolia Oil & Gas Corporation (MGY), February 19, 9:00AM MT (Link)

• Matador Resources Company (MTDR), February 19, 9:00AM MT (Link)

• Comstock Resources, Inc. (CRK), February 19, 9:00AM MT (Link)

• Occidental Petroleum Corporation (OXY), February 19, 11:00AM MT (Link)

• Diamondback Energy, Inc. (FANG), February 25, 7:00AM MT (Link)

• Civitas Resources Inc. (CIVI), February 25, 7:00AM MT (Link)

• Permian Resources Corporation (PR), February 26, 8:00AM MT (Link)

• APA Corporation (APA), February 27, 9:00AM MT (Link)

• Ovintiv Canada Ulc (OVV), February 27, 9:00AM MT (Link)

• EOG Resources, Inc. (EOG), February 28, 8:00AM MT (Link)

Yet to Announce

• Expand Energy (EXE)

• Coterra Energy Inc. (CTRA)

• Range Resources Corporation (RRC)

• Chord Energy Corporation (CHRD)

• SM Energy Company (SM)

• Crescent Energy Company (CRGY)

• High Peak Energy Inc. (HPK)

United States Baker Hughes Rig Count (as of 01/24/25)

• Current week total rig activity was at 576, down from 580 rigs the previous week

• Rig adds were in the Eagle Ford (+1) and Other - Oklahoma & Texas (+3)

• Rig reductions were in the Anadarko (-1), Barnett (-1), and Permian (-6)

Rig Count by E&P (as categorized by OilGasLeads.com)

• Rig activity for the week of 1/17/25 by Companies Mentioned totaled 310, up from 305 the previous week.

• Rig count leaders by E&P, and aggregated by proposed merger include XOM (37), COP (34), OXY (29), EOG (24), DVN (21) and CVX (21)

• No rig adds this week

• Rig reductions were COP (-1) and OXY (-1)

United States Frac Spreads (as tabulated by The American Oil & Gas Reporter)

• Frac spread activity for the week of 1/24/25 was 183, down from the previous week (188).

Canada & United States Companies Mentioned

• Tourmaline Oil Corp. (TOU)

• Canadian Natural Resources Limited (CNQ)

• Cenovus Energy Inc. (CVE)

• ARC Resources Ltd. (ARX)

• Baytex Energy Ltd. (BTE)

• Veren Inc. (VRN)

• Peyto Exploration & Development Corp. (PEY)

• Tamarack Valley Energy Ltd. (TVE)

• Whitecap Resources (WCP)

• Paramount Resources Ltd. (POU)

• Birchcliff Energy Ltd. (BIR)

• Vermilion Energy Inc. (VET)

• NuVista Energy Ltd. (NVA)

• Suncor Energy Inc. (SU)

• MEG Energy Corp. (MEG)

• Imperial Oil Resources (IMO)

• Athabasca Oil Corporation (ATH)

• ConocoPhillips Canada Resources Corp. (COP)

• Ovintiv Canada Ulc (OVV)

• Murphy Oil Corp (MUR)

• Exxon Mobil Corporation (XOM)

• Chevron Corporation (CVX)

• Expand Energy (EXE)

• EOG Resources, Inc. (EOG)

• EQT Corporation (EQT)

• Occidental Petroleum Corporation (OXY)

• Coterra Energy Inc. (CTRA)

• Devon Energy Corporation (DVN)

• Antero Resources Corporation (AR)

• Diamondback Energy, Inc. (FANG)

• APA Corporation (APA)

• Range Resources Corporation (RRC)

• Comstock Resources, Inc. (CRK)

• Permian Resources Corporation (PR)

• Matador Resources Company (MTDR)

• Civitas Resources Inc. (CIVI)

• CNX Resources Corporation (CNX)

• Chord Energy Corporation (CHRD)

• Magnolia Oil & Gas Corporation (MGY)

• SM Energy Company (SM)

• Crescent Energy Company (CRGY)

• High Peak Energy Inc. (HPK)

_{Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Patrick Enwright accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Patrick Enwright makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.}