Nabors Industries described a strengthening U.S. drilling market in its third-quarter commentary, with growth concentrated in Texas and smaller operators accounting for most of the increase. Management reported that the Baker Hughes Lower 48 land rig count increased by 27 rigs, or 5%, during the third quarter, reaching 577 rigs, up 11% year to date. Private operator activity increased 8% sequentially, while public operator activity rose slightly.
The company’s survey of large operators points to steady demand through year-end. Most respondents expect to maintain fourth-quarter activity, while those adjusting their programs indicated a combined net addition of three rigs. Some customers have also signalled plans to add rigs in 2027, although management emphasized that large operators remain disciplined with capital spending.
Nabors identified West Texas as its strongest market for pricing and tight rig availability, while South Texas customers increasingly require higher-specification equipment. North Dakota exceeded the company’s demand expectations. East Texas remained more uncertain, with management viewing a stronger natural gas market as a potential source of additional drilling growth.
Nabors’ own Lower 48 rig count increased 12 rigs, or 19%, year to date. The company reported 74 rigs operating and expects to finish the year with 76–77 rigs, representing approximately 95% utilization of the fleet it can reactivate with maintenance-level capital spending. Tightening equipment availability is supporting stronger pricing and longer contracts.
OilGasLeads Tracks 1,085 Nabors Well Records in 2026
OilGasLeads’ supplied Nabors dataset contains 1,085 well records across 47 customer accounts, with Activity Dates from January 1 through October 26, 2026. The data provides a view of Nabors’ geographic footprint and customer concentration alongside management’s market commentary.
These are record counts from the supplied file, without deduplication. They should be distinguished from the company’s active rig counts.
Record Count by State
Texas leads with 470 records, followed by North Dakota with 261 and New Mexico with 184. Together, these three states account for 915 records, or 84.3% of the dataset.
State / Area Record count Texas 470 North Dakota 261 New Mexico 184 Alaska 69 Wyoming 39 Louisiana 21 Montana 17 Colorado 17 Pennsylvania 3 Ohio 2 Federal Offshore Gulf 2 Total 1,085
Record Count by Play and Basin
The Permian Basin accounts for 416 records, including 311 in the Delaware Basin, 98 in the Midland Basin, and seven in the Central Basin Platform / margin grouping. The Williston Basin / Bakken region follows with 278 records, while Eagle Ford / South Texas accounts for 189.
Combined, the Permian and Williston basins represent 694 records, or 64.0% of the dataset.
Play / Basin Record count Permian — Delaware Basin 311 Williston Basin / Bakken region 278 Eagle Ford / South Texas 189 Permian — Midland Basin 98 Alaska North Slope 69 Haynesville / Bossier region 62 Powder River Basin 38 Piceance Basin 17 Permian — Central Basin Platform / margin 7 Louisiana Gulf Coast / South Pass 4 Appalachian Basin / Marcellus region 3 Appalachian Basin / Utica region 2 Gulf of Mexico offshore 2 San Juan Basin 2 East Texas Basin / other 2 Greater Green River Basin 1 Total 1,085
Play and basin groupings are geographic estimates based on state and county, rather than confirmation of each well’s target formation. Andrews and Ector counties are grouped as Central Basin Platform / margin because county boundaries alone do not establish precise Permian sub-basin placement.
Top 10 Customers by Record Count
ConocoPhillips leads with 183 records, followed by EOG Resources with 133 and Exxon (XTO) with 100. The top 10 customers account for 819 records, or 75.5% of the total, highlighting the concentration of recorded activity among Nabors’ largest customers.
Customer Record count ConocoPhillips Company 183 EOG Resources, Inc. 133 Exxon (XTO) 100 Devon Energy Corporation 87 Chevron U.S.A. Inc. 86 BPX 70 Diamondback Energy, Inc. 57 Hilcorp Energy Company 49 Caturus (Kimmeridge Energy) 27 Comstock Resources Inc. 27 Top 10 total 819
Industry Impact
For oilfield service companies and equipment suppliers, Nabors’ comments suggest improving demand for high-specification drilling equipment and related services, particularly in West Texas, South Texas and North Dakota. The well records identify where Nabors-associated activity is concentrated and which customers represent the largest recorded programs, providing a basis for prioritizing sales coverage. Additional growth in 2027 remains dependent on operator budgets and drilling commitments, while a stronger natural gas market could expand opportunities in East Texas.
Author: phinds