DNOW Inc
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
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Contents
Operating Environment Overview
Our results are dependent on, among other factors, the level of worldwide oil and gas drilling and completions, well remediation activity, crude oil and natural gas prices, capital spending by oilfield service companies and drilling contractors, and the worldwide oil and gas inventory levels. Key industry indicators for the first quarter of 2025 and 2024 and the fourth quarter of 2024 include the following:
| % · % | |||||
|---|---|---|---|---|---|
| 1Q25 v · 1Q25 v | |||||
| 1Q25* | 1Q24* | 1Q24 | 4Q24* | 4Q24 | |
| Active Drilling Rigs: | |||||
| U.S. | 588 | 623 | (5.6%) | 586 | 0.3% |
| Canada | 216 | 209 | 3.3% | 195 | 10.8% |
| International | 903 | 965 | (6.4%) | 926 | (2.5%) |
| Worldwide | 1,707 | 1,797 | (5.0%) | 1,707 | 0.0% |
| West Texas Intermediate Crude Prices (per barrel) | $71.84 | $77.56 | (7.4%) | $70.69 | 1.6% |
| Natural Gas Prices ($/MMBtu) | $4.15 | $2.13 | 94.8% | $2.44 | 70.1% |
| Hot-Rolled Coil Prices (steel) ($/short ton) | $753.21 | $961.95 | (21.7%) | $691.05 | 9.0% |
| U.S. Wells Completed | 2,801 | 2,856 | (1.9%) | 2,850 | (1.7%) |
- Averages for the quarters indicated, except for U.S. Wells Completed. See sources on following page.
The following table details the U.S., Canadian and international rig activity and West Texas Intermediate oil prices for the past nine quarters ended March 31, 2025:
Sources: Rig count: Baker Hughes, Inc. (www.bakerhughes.com); West Texas Intermediate Crude and Natural Gas Prices: Department of Energy, Energy Information Administration (www.eia.gov); Hot-Rolled Coil Prices: SteelBenchmarker™ Hot Roll Coil USA (www.steelbenchmarker.com); U.S. Wells Completed: Department of Energy, Energy Information Administration (www.eia.gov) (As revised).
The worldwide quarterly average rig count remained flat at 1,707 and the U.S. increased 0.3% (from 586 rigs to 588 rigs) in the first quarter of 2025 compared to the fourth quarter of 2024. The average price per barrel of West Texas Intermediate Crude increased 1.6% (from $70.69 per barrel to $71.84 per barrel), and average natural gas prices increased 70.1% (from $2.44 per MMBtu to $4.15 per MMBtu) in the first quarter of 2025 compared to the fourth quarter of 2024. The average price per short ton of Hot-Rolled Coil increased 9.0% (from $691.05 per short ton to $753.21 per short ton) in the first quarter of 2025 compared to the fourth quarter of 2024. U.S. Wells Completed declined 1.7% (from 2,850 completion count to 2,801 completion count) in the first quarter of 2025 compared to the fourth quarter of 2024.
U.S. rig count at April 25, 2025 was 587 rigs, flat from the first quarter 2025 average. The price for West Texas Intermediate Crude was $63.85 per barrel at April 25, 2025, down 11.1% from the first quarter 2025 average. The price for natural gas was $2.71 per MMBtu at April 25, 2025, down 34.7% from the first quarter 2025 average. The price for Hot-Rolled Coil was $925.00 per short ton at April 28, 2025, up 22.8% from the first quarter 2025 average.
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