DNOW Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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, 2026 · Filed May 7, 2026
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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 first quarter of 2026 and 2025 and the fourth quarter of 2025 include the following:
| % · % | |||||
|---|---|---|---|---|---|
| 1Q26 v · 1Q26 v | |||||
| 1Q26* | 1Q25* | 1Q25 | 4Q25* | 4Q25 | |
| Active Rigs: | |||||
| U.S. | 548 | 588 | (6.8%) | 548 | 0.0% |
| Canada | 201 | 216 | (6.9%) | 185 | 8.6% |
| International | 1,083 | 1,097 | (1.3%) | 1,066 | 1.6% |
| Worldwide | 1,832 | 1,901 | (3.6%) | 1,799 | 1.8% |
| WTI ($/bbl) | $71.98 | $71.84 | 0.2% | $59.64 | 20.7% |
| Natural Gas Prices ($/MMBtu) | $4.79 | $4.15 | 15.4% | $3.75 | 27.7% |
| Hot-Rolled Coil Prices (steel) ($/short ton) | $923.51 | $753.21 | 22.6% | $828.78 | 11.4% |
| U.S. Wells Completed | 2,885 | 2,879 | 0.2% | 3,055 | (5.6%) |
- Monthly 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, 2026. During the third quarter of 2025, Baker Hughes’s methodology for calculating rig counts in the Kingdom of Saudi Arabia has been updated effective for periods beginning January 2024. As a result, previously reported international rig counts have been recast to conform to the updated methodology.
Sources: Rig count: Baker Hughes, Inc. (www.bakerhughes.com); West Texas Intermediate Crude and Natural Gas Prices: Department of Energy, Energy Information Administration (“EIA”) (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 increased 1.8% (from 1,799 rigs to 1,832 rigs) and the U.S. remained flat (at 548 rigs) in the first quarter of 2026 compared to the fourth quarter of 2025. The average price per barrel of WTI Crude increased 20.7% (from $59.64 per barrel to $71.98 per barrel), and average natural gas prices increased 27.7% (from $3.75 per MMBtu to $4.79 per MMBtu) in the first quarter of 2026 compared to the fourth quarter of 2025. The average price per short ton of Hot-Rolled Coil increased 11.4% (from $828.78 per short ton to $923.51 per short ton) in the first quarter of 2026 compared to the fourth quarter of 2025. U.S. Wells Completed declined 5.6% (from 3,055 completion count to 2,885 completion count) in the first quarter of 2026 compared to the fourth quarter of 2025.
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