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ND2024 WoodMac_Fig1

Wood Mackenzie estimates that, for every 5% improvement in drilling efficiency from 2020 levels, approximately 28 fewer rigs are needed in the market. This trend is already being seen in the Permian Basin, where the rig count through Q1 2024 is lower than what Wood Mackenzie had estimated if rigs continued operating at efficiency levels seen four years ago.

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