US Land Drilling Contractors Unanimously Defy The Rig Count Trend

Three of the largest US land drillers (together controlling 35% of the market) openly resisted the downward trending rig count last week.

The US land rig count fell in 9 of the last 12 weeks and is off 5% from peak. The prevailing view has been that this decline would continue, perhaps even into early-2018. But collective drilling contractor commentary suggests the dip may be short-lived at least for higher quality fleets.

There’s a lot more to this story…

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Photo of the week:

This aerial view of a ConocoPhillips Eagle Ford drill site was taken with a Phantom 4Pro drone. The liquid-rich Eagle Ford tight oil trend, located in the Western Gulf Basin of South Texas, represents the company’s most prolific unconventional development. ConocoPhillips was one of the first to the play, resulting in a low-cost entry into the acreage. The company began exploring Eagle Ford’s development potential in 2009. By year-end 2016, ConocoPhillips held 213,000 net leasehold and mineral acres, primarily in DeWitt, Karnes and Live Oak Counties. (Photo by Salvatore Garza) #ConocoPhillips #EagleFord #Oilandgas #Drone #energy #oilcountry #oilfield #energyindustry #oilandgasindustry

295 Likes, 7 Comments – ConocoPhillips (@conocophillips) on Instagram: “This aerial view of a ConocoPhillips Eagle Ford drill site was taken with a Phantom 4Pro drone. The…”