EFTA Document EFTA01367346

31 May 2015 Integrated Oil US Integrated Oils pad drilling and the inherent lag in bringing pad-drilled wells onstream, we estimate that the initial signs of a production impact of rigs added in 3O15 will most likely not show up until early 2016. In other words, if we are to generate a meaningful level of growth by 2H16, rigs need to be added in 3O or 4O 2015. Amongst large producers, Pioneer Natural Resources (PXD) has been most vocal about plans to add rigs mid-2015, but various other