Weekly Rig Activity as of 3/22/24

Weekly Rig Activity as of 3/15/24

Baker Hughes Rig Count

• Current week total rig activity was at 169 rigs, down from 207 rigs the previous week (-18 WoW).

• Rig adds were only in one region, NE BC (+1).

• Rig reductions were in the Foothills (-1), Central AB, (-2), East-Central AB (-1), NE AB (-21), SW SK (-4), East SK (-7) and MB (-3)

Rig Count by E&P

• Rig activity for the week of 3/22/24 by Companies Mentioned totals 74 rigs, down from 98 rigs the prior week.

• Rig count leaders by E&P include TOU (10), CNQ (10), CVE (7), ARX (6), BTE (3), CPG (4), TVE (3) and WCP (3).

• Among US-based E&Ps operating in Canada, both COP (3) and OVV (3) reduced their rig counts by one from the prior week, while MUR maintains its two rigs.

Companies Mentioned

• Tourmaline Oil Corp. (TOU)

• Canadian Natural Resources Limited (CNQ)

• Cenovus Energy Inc. (CVE)

• ARC Resources Ltd. (ARX)

• Baytex Energy Ltd. (BTE)

• Crescent Point Energy Corp. (CPG)

• 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 Limited (IMO)

• Athabasca Oil Corporation (ATH)

• ConocoPhillips Canada Resources Corp. (COP)

• Ovintiv Canada Ulc (OVV)

• Murphy Oil Corp (MUR)

_{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.}