BP’s Q1 2026 results and drilling data both reinforce the same theme: the U.S.—especially the Permian and Eagle Ford—is a world-class, capital-attracting core that is driving operational performance and future growth. Activity is concentrated in these basins with strong reliance on key contractors like Nabors and H&P, highlighting a focused, efficiency-driven U.S. strategy.

Oklahoma drilling activity remains concentrated among a handful of operators, led by Mewbourne Oil Company and Continental Resources, with contractors like Patterson, H&P, and Cactus dominating rig activity. The majority of recent spud activity is clustered in Grady, Custer, and Roger Mills counties, reinforcing a tight geographic focus for ongoing development.

Louisiana drilling activity remains steady, with a slight rig count decline driven by softer Haynesville gas activity, while offshore and South Louisiana operations hold firm. Over the past 30 days, spud activity has been concentrated among a handful of operators—led by Apex Natural Gas and Expand Energy—and heavily focused in De Soto Parish, reinforcing its position as the core of development.

This group consists of small, low-frequency U.S. oil and gas operators and midstream entities that manage mature, low-production assets and only occasionally file new well permits. They represent the long tail of the industry—characterized by minimal drilling activity but significant cumulative well ownership—making them better suited for production optimization and cost-focused solutions rather than growth-driven services.