Latam Energy Advisors
Weekly rig count (OIH $34) – U.S. land activity continues to head south as RigData -31 rigs w/w (4-wk -114) while BHI -17 (oil -9 / gas -9 / other +1 / 4-wk -140). RigData decline to peak now sits at ~52% (-1,116 rigs) vs. BHI at ~47% (-871 rigs). Pace of the weekly declines definitely slowing (BHI -35 avg. rigs last 4-wks vs. -66 previous 4-wks while RigData -29 last 4-wks / -71 previous 4-wks), but clearly some room left to go. RigData count has again played leading edge to BHI so watching for further slowing in pace of declines as indication bottom is approaching.
Weekly rig count continued (OIH $34) – Per RigData, horizontal rig reductions drove the weekly decline as horizontal activity -28 rigs (4-wk -92), while vertical flat and directional up slightly (+3 rigs w/w, 4-wk -1). Additionally, rig reductions from the Top 30 operators accounted for the bulk of the decline their rig count -21 w/w while all others -10. Areas with largest w/w changes were TX Gulf Coast -14 rigs w/w (4-wk -26), Permian -13 (4-wk -34), North TX +6 (4-wk +8), and Williston -4 (4-wk -13). GOM activity -2 floaters w/w to 50 total rigs (floaters 37 / jackups 13). Canadian activity -15 rigs w/w (4-wk -144) to 98 total (vs. 245 a year ago).
Source: Tudor, Pickering, Holt
Latam Energy Advisors supports energy companies and financial sponsors by providing tailored capital markets advice and implementing both traditional and nontraditional capital solutions for our clients seeking financing. We offer a full array of investment banking solutions for energy companies of all sizes. We leverage the intellectual capital, industry expertise, and our global network to deliver the full capabilities of our firm.
Comments
Post a Comment