North America Rig Gain Run Stretches to 11 Weeks
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas
North America added five rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on August 2.
Although the U.S. dropped three rigs week on week, Canada added eight during the same timeframe, taking the North America rig count up to 805, comprising 586 rigs from the U.S. and 219 rigs from Canada, the count outlined.
Of the total U.S. rig count of 586, 566 rigs are categorized as land rigs and 20 rigs are categorized as offshore rigs. There are 482 oil rigs, 98 gas rigs, and six miscellaneous rigs in this total count, according to Baker Hughes, which highlighted that the total U.S. rig figure comprises 520 horizontal rigs, 49 directional rigs, and 17 vertical rigs.
Week on week, the U.S. dropped two land rigs and one offshore rig, the count revealed. The U.S. gas rig count dropped by three and its horizontal rig count dropped by three during the same period, Baker Hughes pointed out. California and Wyoming each added one rig week on week, while Texas dropped two, and Pennsylvania, Louisiana, and Colorado each dropped one rig week on week, the count showed.
Canada’s total rig count of 219 comprises 150 oil rigs and 69 gas rigs, the count revealed. Canada added six oil rigs and two gas rigs week on week, the count highlighted.
The total North America rig count is down 42 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 73 rigs during the period while Canada’s count increased by 31. The U.S. has cut 43 oil rigs and 30 gas rigs while Canada has added 32 oil rigs and dropped one gas rig, year on year, the rig count revealed.
In its previous rig count, which was published on July 26, Baker Hughes revealed that North America added 17 rigs week on week. The U.S. added three rigs and Canada added 14 rigs week on week, that count outlined.
In a report sent to Rigzone by Standard Chartered Bank Commodities Research Head Paul Horsnell on July 30, which referred to Baker Hughes’ July 26 rig count, analysts at the bank, including Horsnell, said, “U.S. oil drilling has increased for the first time in 10 weeks according to the latest Baker-Hughes survey”.
“The oil rig count gained five week on week to 482. The largest week on week change was in the STACK region of Oklahoma where activity rose by two to 11 rigs. Within the Permian Basin, Delaware Basin activity gained one to 171 rigs, Midland Basin activity was unchanged at 105 rigs and other Permian activity fell by two to 28 rigs,” they added.
“The U.S. gas count declined by two week on week to 101 with Haynesville activity unchanged at 36 rigs and Marcellus activity unchanged at 26 rigs,” they continued.
Baker Hughes’ July 19 count revealed North America added 10 rigs week on week, its July 12 count showed that North America added 13 rigs week on week, and its July 5 count revealed that North America added three rigs week on week.
The company’s June 28 count also showed that North America added three rigs week on week, its June 21 rig count revealed that North America added four rigs week on week, its June 14 count showed that North America added 13 rigs week on week, its June 7 count revealed that North America added nine rigs week on week, its May 31 count showed that North America added eight rigs week on week, and its May 24 rig count highlighted that North America added two rigs week on week.
Baker Hughes’ May 17 count revealed that North America dropped one rig week on week, its May 10 count showed that North America dropped six rigs week on week, and its May 3 count also showed that North America dropped six rigs week on week. The company’s April 26 count showed that North America dropped 15 rigs week on week and its April 19 count showed that North America cut 12 rigs week on week.
Baker Hughes’ April 12 count revealed that North America added two rigs week on week, and its April 5 count showed that North America cut 16 rigs week on week.
The company’s 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