JPM Shale Land Rig Analysis: Analyzing Activity Trends by Operator, Basin, and Drilling Contractor: U.S. Land Rig Activity Rises by +5 Rigs WoW

This week, we observed a +5 rig addition across U.S. land activity, following last week's -5 WoW rig drop, with 633 rigs operating in the U.S. over the past week: Private E&Ps operating 340 rigs (54%), Public E&Ps 203 rigs (32%), and Majors 90 rigs (14%). The increase was driven by a +3 rig addition from the Delaware basin, followed by +1 rig additions each from Appalachia and Williston, with other basins adding +3 rigs, fully offsetting -1 rig declines each from the Eagle Ford, Haynesville, and MidCon basins. Among public drilling contractors, HP and NBR added +1 rig each while PD dropped -1 rig. HP is the most active U.S. drilling contractor with 151 active rigs, followed by PTEN (97 rigs), NBR (76 rigs), ESI (47 rigs), and PD (41 rigs). PD is the most levered to private operators at 72%, while NBR has 70% of its rigs contracted by publics and majors. Data as of 10/13/2026; source: Enverus.