COP · Earnings call · 2026Q3T · Full report

Oilfield Services Capacity Tightening

CONOCOPHILLIPS · 2026-11-05 · Importance 31 · Surprise 32

Management said increased Lower 48 activity, much of it from smaller operators, is tightening capacity in the oilfield-services sector. Super-spec rig and frac-equipment utilization was approximately 90% and 95%, respectively. The company said low-single-digit aggregate inflation, including pressure on fuel, logistics, and chemicals, has been more than offset by development, drilling, completion, and operating efficiencies.

Key facts

• CONOCOPHILLIPS said increased Lower 48 activity was tightening oilfield-services capacity, with super-spec rig and frac-equipment utilization at 90% and 95%, respectively.