Canada and United States Rig Activity, as of 9/6/24

Canada and United States Rig Activity, as of 9/6/24

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

Baker Hughes Rig Count

• Current week total rig activity was at 216, static from 216 rigs the previous week

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

• Rig reductions were in Foothills AB (-2), East Central AB (-1), SE AB (-1) and NE BC (-1)

Rig Count by E&P

• Rig activity for the week of 9/6/24 by Canadian Companies Mentioned totaled 93, static from 93 rigs from the prior week

• Rig count leaders by E&P include CVE (14), CNQ (14), TOU (12), WCP (9), ARX (6)

• Rig adds were CNQ (+2), TVE (+1), PEY (+1), VET (+1), SU (+1)

• Rig reductions were CVE (-2), ARX (-1), BTE (-2), MEG (-1)

• Among US-based E&Ps operating in Canada, COP added a rig, from 3 to 4, while OVV dropped a rig from 3 to 2 rigs

United States Baker Hughes Rig Count (as of 9/06/24)

• Current week total rig activity was at 582, down from 583 rigs the previous week

• Rig add was in the Permian (+1)

• Rig reductions were in the DJ-Niobrara (-1), and Other - Oklahoma (-1)

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

• Rig activity for the week of 8/25/24 by Companies Mentioned totaled 265, down from 272 the previous week.

• Rig count leaders by E&P, and aggregated by proposed merger include XOM (37), COP/MRO (28), OXY (24), DVN (23), and CVX (22)

• There were no rig adds

• Rig reductions were XOM (-1), EOG (-3), DVN (-2), and CVX (-1)

Weekly Rig Charts by US Basin

Regional weekly rig count charts highlight the fast-approaching pairing to last year’s weekly rig count threshold. The Bakken and the Anadarko are the two US basins that are exceeding last year’s rig count, while the gas-weighted basins, the Haynesville and Marcellus, remain below the three-year range due to depressed natural gas prices.

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)

• Chesapeake Energy Corporation (CHK)

• Southwestern Energy Company (SWN)

• 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)

• Endeavor Energy Resources, LP (Private)

• Marathon Oil Corporation (MRO)

• 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.}