According to Platts RigData, US land rig operators and drillers have continued to make progress in drilling efficiency despite the industry downturn. The overall trajectory for the average number of wells drilled per rig is up and for average days on hole is down since 2014.

Brief deterioration in both metrics in the first quarters of 2015 and 2016, as shown by the chart above, reflect seasonality of drilling by private small operators, high-grading of longer-lateral wells in unconventional plays, and temporary, steep drops in oil prices.

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