Rigs counts fell sharply -- again
Total oil rig counts declined, -15 to 555
Horizontal oil rig counts fell, -14 to 502
The Permian horizontal oil rig count was down 4
The rig count has fallen by 50 (9%) since March alone, and stands at the level of April 2022
The pace of horizontal rig additions fell an eye-opening 8.25 / week on a 4 wma basis.
This number has been negative for 25 of the last 26 weeks
Frac spreads were -4 to 256, a level last seen in September 2021
Spread counts are down 38 (13%) in just the last six weeks
Overall, the picture looks reasonably grim
Both rig and spread counts continue to roll off, sharply in the last few weeks
The implied breakevens are well above $80 / barrel WTI
Until we see technological innovation at scale such as Exxon has floated, the shale sector could be headed for a rough patch indeed