The RigData News & Analysis team, writing in the RADAR Report, can’t yet promise that the rig count bottom is here, but it seems to be within sight. Week-to-week changes in the active rig count during May echoed the kind of sequential changes seen in 2014, prior to the market collapse. Gas-directed rigs are faring better than oil rigs are. While the gas tally has fallen overall as well, it rose in the transition from late March to early April and recorded positive sequential results several times this year. The lion’s share of the rig count decline has been among companies running ≥10 rigs. This cohort slashed its average rig count in May by 63% YOY, while the overall total tally fell by 55%. Operators running ≥10 rigs number half as many rigs vs. a year ago, ceding 10 percentage points of market share to the 4–9 rigs and ≤3 rigs groups combined—even though the total number of private firms, which dominate these latter groups, is less than half of what it was a year ago.