Source: RADAR | June 15, 2017

It’s too soon to declare a rig count slumping in response to oil prices weakness, so it’s largely coincidental that we’re seeing some flattening of the upward curve in US land rig counts. Only 9 rigs separate the top and bottom rig counts of the past 4 weeks, with the latest tally dead even with the prior report and down by -9 units vs. the previous issue of this edition.

One caveat: Private companies lately are seeing slippage in market share— the reverse of the usual trend for this time of year.

Some perspective is warranted, however. Looking at quarterly averages dating back to yearend 2014, the US active land rig count is still down by -65 units since 4Q 2014 even while it’s up +85% YOY for the year to date.

Excerpt featured in RADAR article from June 15, 2017. To see more and articles like this, contact Customer Service about RADAR at 800-371-0083.