Patterson-UTI Energy(US:PTEN) Benzinga·2026-03-13 18:30Core Insights - The latest shale data indicates that privately held drillers are leading the increase in U.S. oil production, contrary to the focus on major oil companies [1][4] Group 1: Rig Activity - U.S. horizontal land rig activity increased by three rigs week-over-week, reaching a total of 474 active rigs [2] - Private exploration and production companies added nine rigs, while publicly traded shale firms reduced their count by five rigs [2] - The increase in rig activity was primarily outside the Permian Basin, with Appalachia, MidCon, and the Williston Basin each adding two rigs, and Eagle Ford adding one rig [3] Group 2: Industry Dynamics - The shift in rig activity reflects a strategic change in the shale industry, with private drillers becoming the main contributors to new drilling activity due to fewer pressures from shareholders [4] - The narrative around U.S. energy often emphasizes major oil companies, but the latest data suggests that growth in shale production is increasingly driven by smaller, private firms [4]