Private Equity Capital STILL Robust

We have updated our list of PE backed operators, including 11 new E&Ps that have added their first rig in just the last 4-weeks (+30 new E&Ps since June). Offsetting the continued PE surge, a handful of large/public E&Ps are starting to cut rig count (the “downers”). Of these groups, RES and PTEN are best leveraged to PE-backed spot activity while HAL could be most at risk from “downer” exposure (and potential softening in the Rockies / Bakken).

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