The US land drilling market is exiting the worst downturn in history. Why not follow that with the sharpest rebound ever? That is exactly what is happening now.
Since bottoming about 30 weeks ago, the US rig count has increased 60%. The 1985 recovery outpaced this one for 25 weeks before falling back. The only other major recovery phase that matches this year’s performance is 1999, which has an identical recovery rate 30 weeks in.
So party like it’s 1999… and it’s about to get even better. Our full update includes a must-see chart, an outlook for why it’s going to improve from here, and a discussion of implications and risks (take out a free trial to see full article).
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