Oklahoma drilling remains in a steady-state holding pattern, with rig counts flat at 46 and operators maintaining disciplined, program-driven activity rather than expanding alongside national gains. YTD spud data shows activity concentrated among a few operators, with H&P and Cactus dominating contractor exposure and repeat rig utilization signaling continuity over acceleration.

Marcellus–Utica rig activity remains flat and highly concentrated, with a small group of core operators controlling nearly all active rigs across Pennsylvania, West Virginia, and Ohio. This is a capital-disciplined basin focused on steady, factory-style development—not a broad-based drilling recovery.

The oilfield services sector is not broken or early-cycle—it is in a disciplined holding pattern where demand growth is inevitable, but capacity has not yet tightened enough to drive a true upcycle. Structural forces tied to LNG, power demand, and deferred investment point to 2027 as the economic inflection point, with pricing power and utilization tightening into 2028.