The Permian led rig declines this week.
Rig counts
Total oil rig counts: -5 to 497
Horizontal oil rig counts: -2 to 445
The Permian horizontal oil rig count: -2
The Canadian horizontal oil rig count had a bad week, down 8 to 106 and 33 below last year for the week
The US horizontal oil rig count is falling at a pace of -3.5 / week on a 4 wma basis.
This number has been negative for 44 of the last 45 weeks
Frac spreads rose, +5 to 260
As earlier, this is still too high for the current rig count, as DUCs continue to fall.
To hold DUCs steady, the spread count must fall by 26
Exxon is reportedly making an offer for shale leader Pioneer
The absorption of Pioneer into an established player like Exxon would once again mark the end of the shale revolution