Permian Gate Research
Operator Spend TrackerNo. 3 · September 2026
Operator Spend Tracker · Q2 2026 earningsData to 31 August 2026
Operators trim completions and keep rigs for gas
The 25 operators we track cut 2026 capital guidance by $1.7 billion at midyear. Oil weighted independents cut, gas weighted producers added, and pressure pumping absorbs the largest share of the reduction
1Capital guidance after the second quarter
Of the 25 operators we track, 14 lowered their 2026 capital range in second quarter results, 6 raised it and 5 held it. Most of the cuts came from oil weighted independents responding to lower realized prices in the second quarter. Gas weighted producers added activity ahead of new export capacity on the Gulf Coast.1
| Group | Operators | February | August | Change |
|---|---|---|---|---|
| Large independents | 8 | 41.6 | 40.2 | Down 3.4% |
| Integrated majors, US onshore | 3 | 23.5 | 23.9 | Up 1.7% |
| Mid cap independents | 9 | 18.4 | 17.1 | Down 7.1% |
| Gas weighted producers | 5 | 9.8 | 10.4 | Up 6.1% |
| All tracked operators | 25 | 93.3 | 91.6 | Down 1.8% |
Source: operator earnings releases, SEC quarterly filings and earnings call transcripts, Permian Gate Research segment mapping
2Rig plans
Operators ran an average of 280 rigs in the second quarter, four fewer than they planned in February. The larger change is in the second half: plans now fall to 268 rigs by the fourth quarter, with nearly all of the reduction in the Permian and the Bakken. Haynesville rig plans rose by four.
Source: operator earnings releases and calls, Texas Railroad Commission and New Mexico permits, Permian Gate Research estimates; Q3 and Q4 2026 are planned
3Spend by service segment
We map each operator's guidance to the service segments in our Outlook using its disclosed drilling and completion split. Pressure pumping and proppant fall furthest, as operators defer completions into 2027. Artificial lift is the only segment to grow, because operators are spending more to hold output from existing wells.2
| Segment | February | August | Change |
|---|---|---|---|
| Drilling rigs | 13.8 | 13.4 | Down 2.9% |
| Pressure pumping | 15.2 | 14.3 | Down 5.9% |
| Proppant and logistics | 6.1 | 5.6 | Down 8.2% |
| Casing and tubulars | 9.4 | 9.1 | Down 3.2% |
| Completion tools and wireline | 7.0 | 6.8 | Down 2.9% |
| Artificial lift and production | 5.5 | 5.9 | Up 7.3% |
| Mapped service spend | 57.0 | 55.1 | Down 3.3% |
Source: operator earnings releases, SEC quarterly filings and earnings call transcripts, Permian Gate Research segment mapping
4Major international tenders
Outside North America, national oil companies opened or awarded $9.7 billion of major service tenders between June and August. Two Middle East drilling and integrated services awards account for $3.1 billion of the total.
Source: national oil company tender portals and award notices, operator and contractor announcements
5Against the Service Segment Outlook
6What to watch before third quarter results
Whether gas weighted producers hold their added rigs into the winter, frac fleet counts in the Permian through October, and the award of the largest pending Middle East drilling tender, expected in November.
How this tracker is built
- Guidance is the midpoint of each operator's stated 2026 capital range, taken from its release and filing
- Segment mapping uses each operator's disclosed drilling and completion split and our cost per lateral foot by basin
- Every figure traces to a release, filing, permit record or tender notice held on file for subscribers who ask
Approved for subscribersDale WhitacreDirector of Upstream Research · 10 September 2026
1 Tracked operators are the 25 largest public operators by 2025 US onshore capital spending. Integrated majors are counted for their US onshore budgets only.
2 Mapped service spend excludes land, facilities, midstream and capitalized overhead, which is why it is lower than total guidance.