North America Posts Fresh Rig Losses

by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas

North America lost 15 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on April 26.

The U.S. dropped six rigs and Canada dropped nine rigs week on week, taking the total North America rig count down to 731, comprising 613 rigs from the U.S. and 118 rigs from Canada, the count outlined.

Of the total U.S. rig count of 613, 596 are categorized as land rigs and 17 are categorized as offshore rigs. The country has 506 oil rigs, 105 gas rigs, and two miscellaneous rigs, and its horizontal rig count stands at 552, while its vertical rig count is 14 and its directional rig count is 47, the count showed.

Week on week, the U.S. dropped three land rigs and three offshore rigs, and its oil rig count dropped by five while its gas rig count was cut by one, the count revealed. The country lost three horizontal rigs and three directional rigs week on week, Baker Hughes outlined.

Texas added one rig, Louisiana dropped four rigs, and Colorado, New Mexico, and Pennsylvania each dropped one rig week on week, the count highlighted.

Canada’s rig count figure of 118 is made up of 62 gas rigs and 56 oil rigs, Baker Hughes revealed. The country dropped five gas rigs and four oil rigs week on week, the company showed.

The total North America rig count is down 117 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 142 rigs during the period while Canada’s count increased by 25. The U.S. has cut 85 oil rigs, 56 gas rigs, and one miscellaneous rig, while Canada has added five gas rigs and 20 oil rigs, year on year, the rig count revealed.

In its previous rig count, which was released on April 19, Baker Hughes showed that North America dropped 12 rigs week on week. Canada cut 14 rigs week on week while the U.S. added two rigs, that count outlined.

“The U.S. oil rig count gained five week on week to a seven-month high of 511 according to the latest Baker-Hughes survey,” analysts at Standard Chartered said in a report sent to Rigzone on April 23, referring to Baker Hughes’ April 19 rig count.

“The year on year decline stands at 80 rigs (13.5 percent). The largest week on week increase was in the Permian Basin, outside of the two main sub-basins, where activity rose by four to 23 rigs,” they added.

“Midland Basin activity fell by three to 119 rigs, while in the Delaware Basin oil activity in the Texas section rose by two to 71 rigs and in the New Mexico section it was unchanged at 101 rigs. The U.S. gas rig count fell by three to a 27-month low of 106,” they continued.

Baker Hughes’ April 12 count showed that North America added two rigs week on week. The company’s April 5 count showed that North America cut 16 rigs week on week, its March 28 count revealed that North America dropped 21 rigs week on week, its March 22 count showed that the region cut 43 rigs week on week, its March 15 count showed that the region cut 11 rigs week on week, and its March 8 rig count showed that North America dropped 13 rigs week on week.

Baker Hughes’ March 1 rig count revealed that North America added three rigs week on week, its February 23 rig count showed that North America added two rigs week on week, and its February 16 count showed that North America’s rig count remained unchanged week on week.

The company’s February 9 rig count revealed that North America increased its rig count by four rigs week on week, its February 2 count showed that North America’s rig count stayed flat week on week, and its January 26 rig count showed that North America increased its rig count by eight rigs week on week.

Baker Hughes’ January 19 count revealed that North America increased its rig count by 11 rigs week on week, its January 12 rig count showed that North America increased its rig count by 86 rigs week on week, and its January 5 rig count, which marked the company’s first rotary rig count of 2024, showed that North America added 38 rigs week on week.

The company’s final rotary rig count of 2023 showed a notable week on week and year on year drop for North America. The region’s rig count decreased by 58 week on week and by 155 year on year, according to that count, which was released on December 29.

Baker Hughes, which has issued the rotary rig counts to the petroleum industry since 1944, describes the figures as an important business barometer for the drilling industry and its suppliers. The company obtains its working rig location information in part from Enverus.

by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas