Canada and United States Rig Activity, as of 02/15/25

Recent Notes

• With Attachie Operational, ARX Sets Sights on Record Production for FY25 (link)

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

4Q24 Earnings Presentation, Canadian E&Ps

• Whitecap Resources (WCP) February 20, Time: 9:00AM MT (link)

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

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

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

• MEG Energy Corp. (MEG), February 28, Time: 6:30AM MT (link)

• Baytex Energy Ltd. (BTE), March 5, Time: 9:00AM MT

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

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

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

• Canadian Natural Resources Limited (CNQ), March 6, Tim: TBD

• Vermilion Energy Inc. (VET), March 6, Time: 9:00AM, MT (link)

• Peyto Exploration & Development Corp. (PEY), March 12, Time: TBD

Yet to Announce

• Paramount Resources Ltd. (POU)

Baker Hughes Rig Count (as of 02/15/25)

• Current week total rig activity was 243, down from 247 rigs the previous week

• Rig adds were in NW AB (+1), and Central SK (+2)

• Rig reductions were Foothills (-1), NE AB (-4), SE SK (-1), and MB (-1)

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

• Rig activity for the week of 2/14/25 by Canadian Companies Mentioned totaled 120, up from 116 rigs from the prior week

• Rig count leaders by E&P include TOU (16), WCP (15), CVE (13), CNQ (11), and VRN (10)

• Rig adds were WCP (+4), CNQ (+1), BTE (+2), VET (+1), NVA (+1), and MEG (+1)

• Rig reductions were TOU (-1), CVE (-4)

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

4Q24 Earnings Presentation, USA E&Ps

• 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)

• SM Energy Company (SM), February 20, 8:00AM MT (Link)

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

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

• Coterra Energy Inc. (CTRA), February 25, 8:00AM MT (Link)

• Range Resources Corporation (RRC), February 26, 7:00AM MT (Link)

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

• Chord Energy Corporation (CHRD), February 26, 9:00AM MT (Link)

• Expand Energy (EXE), February 27, 8:00AM MT (Link)

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

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

• Crescent Energy Company (CRGY), February 27, TBD (Link)

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

Yet to Announce

• High Peak Energy Inc. (HPK)

United States Baker Hughes Rig Count (as of 02/14/25)

Current week total rig activity was at 588, up from 586 rigs the previous week

• Rig adds were in Anadarko (+1), the Permian (+1), and Other - Utah (+1)

• Rig reductions were in the Bakken (-1)

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

• Rig activity for the week of 2/7/25 by Companies Mentioned totaled 306, up from 305 the previous week.

• Rig count leaders by E&P, and aggregated by proposed merger include XOM (38), COP (34), OXY (30), EOG (25), DVN (23) and CVX (21)

• No rig adds were MGY (+1)

• There were no rig reductions this week

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

• Frac spread activity for the week of 02/14/25 was 208, up from the previous week (198).

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.}