The Roughneck Review: Weekly Oilfield Services Update
WCSB Activity Slips W/W But Not Believed To Be Indicative Of Emerging Trend
What’s The Event?
The WCSB active drilling rig count dropped by 16 rigs this week as losses were seen
across the basin with Alberta leading the declines with 10 active rigs coming offline.
Within our coverage universe, Trinidad and Total were the most impacted this week
with each losing three rigs W/W while Trinidad and Precision are leading Canadian
industry utilization at 40%, followed by Ensign at 38%. Despite the decent weekly
decline, we do not view the slippage as being indicative of a larger decline on the
horizon and believe the W/W change was principally a function of weather and
completion of select pad work over the week. The U.S. land-based drilling rig count
fell by three rigs this past week, exiting the week with 916 active rigs. With that said,
select major LTO plays continued to add rigs.