DNOW Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 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.
Jun 30, 2025 · Filed Aug 6, 2025
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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 second quarter of 2025 and 2024 and the first quarter of 2025 include the following:
| % · % | |||||
|---|---|---|---|---|---|
| 2Q25 v · 2Q25 v | |||||
| 2Q25* | 2Q24* | 2Q24 | 1Q25* | 1Q25 | |
| Active Drilling Rigs: | |||||
| U.S. | 571 | 603 | (5.3%) | 588 | (2.9%) |
| Canada | 129 | 137 | (5.8%) | 216 | (40.3%) |
| International | 897 | 963 | (6.9%) | 903 | (0.7%) |
| Worldwide | 1,597 | 1,703 | (6.2%) | 1,707 | (6.4%) |
| West Texas Intermediate Crude Prices (per barrel) | $64.63 | $81.71 | (20.9%) | $71.84 | (10.0%) |
| Natural Gas Prices ($/MMBtu) | $3.19 | $2.08 | 53.4% | $4.15 | (23.1%) |
| Hot-Rolled Coil Prices (steel) ($/short ton) | $901.50 | $796.03 | 13.2% | $753.21 | 19.7% |
| U.S. Wells Completed | 2,803 | 2,967 | (5.5%) | 3,005 | (6.7%) |
- 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 June 30, 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 declined 6.4% (from 1,707 rigs to 1,597 rigs) and the U.S. declined 2.9% (from 588 rigs to 571 rigs) in the second quarter of 2025 compared to the first quarter of 2025. The average price per barrel of West Texas Intermediate Crude declined 10.0% (from $71.84 per barrel to $64.63 per barrel), and average natural gas prices declined 23.1% (from $4.15 per MMBtu to $3.19 per MMBtu) in the second quarter of 2025 compared to the first quarter of 2025. The average price per short ton of Hot-Rolled Coil increased 19.7% (from $753.21 per short ton to $901.50 per short ton) in the second quarter of 2025 compared to the first quarter of 2025. U.S. Wells Completed declined 6.7% (from 3,005 completion count to 2,803 completion count) in the second quarter of 2025 compared to the first quarter of 2025.
U.S. rig count at July 25, 2025 was 542 rigs, down 29 rigs from the second quarter 2025 average. The price for West Texas Intermediate Crude was $66.38 per barrel at July 25, 2025, up 2.7% from the second quarter 2025 average. The price for natural gas was $3.10 per MMBtu at July 25, 2025, down 2.8% from the second quarter 2025 average. The price for Hot-Rolled Coil was $873.00 per short ton at July 28, 2025, down 3.2% from the second quarter 2025 average.
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