North America Adds Rigs Week on Week

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

North America added three rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was published on October 4.

Although the U.S. dropped a total of two rigs week on week, Canada added a total of five rigs during the same period, taking the total North America rig count up to 808, comprising 585 rigs from the U.S. and 223 rigs from Canada, the count outlined.

Of the total U.S. rig count of 585, 566 are categorized as land rigs, 18 are categorized as offshore rigs, and one is categorized as an inland water rig. The total U.S. rig count is made up of 479 oil rigs, 102 gas rigs, and four miscellaneous rigs, according to Baker Hughes’ count, which also shows that the country’s total rig count comprises 522 horizontal rigs, 49 directional rigs, and 14 vertical rigs.

Week on week, the U.S. dropped one land rig and one offshore rig, while its inland water rig count remained unchanged, and its gas rig count increased by three, while its oil rig count dropped by five, and its miscellaneous rig count remained unchanged, the count revealed. The U.S. dropped one directional rig and one horizontal rig week on week and its vertical rig count remained unchanged during the period, Baker Hughes outlined.

In the count, Texas was shown to have added two rigs and Pennsylvania one rig week on week. New Mexico was shown in the count to have dropped three rigs, and Louisiana and Oklahoma one rig each, week on week.

Canada’s total rig count of 223 is made up of 157 oil rigs, 63 gas rigs, and three miscellaneous rigs, Baker Hughes’ count revealed. The country dropped two gas rigs and added five oil rigs and two miscellaneous rigs week on week, the count revealed.

The total North America rig count is up nine compared to year ago levels, according to Baker Hughes, which showed that the U.S. has cut 34 rigs and Canada has added 43 rigs during the period. The U.S. has dropped 18 oil rigs and 16 gas rigs, while Canada has added 49 oil rigs and three miscellaneous rigs, and cut nine gas rigs, year on year, the count outlined.

In a research note sent to Rigzone on Friday by the JPM Commodities Research team, J.P. Morgan analysts highlighted that “total U.S. oil and gas rigs fell by two to 585 this week”.

“Oil focused operators fell by five to 479 rigs, bringing the losses to nine rigs in the last two weeks. Natural gas focused rigs rose by three to 102 rigs, a second consecutive weekly gain of three rigs,” they added.

“The rig count in the… five major tight oil basins dropped by three. A gain of one rig in the Niobrara was offset by the loss of two rigs each in the Permian and Anadarko basins. Despite a more than 10 percent rally in WTI prices this week, the oil rig count still experienced a reduction in activity, as U.S. drillers typically do not respond to weekly price fluctuations,” they continued.

“While there is a risk to our projection that oil rig count will exit 2024 14 rigs higher from current levels, a sustained geopolitical risk premium in WTI prices could help our forecast to materialize before our projected WTI price declines to $71 in 2025,” they went on to state.

In its previous rig count, which was published on September 27, Baker Hughes revealed that North America added six rigs week on week. The U.S. cut a total of one rig week on week and Canada added a total of seven rigs during the same period, that count highlighted.

Baker Hughes’ September 20 rig count revealed that North America dropped nine rigs week on week. Its September 13 rig count showed that North America added six rigs week on week, its September 6 rig count revealed that North America dropped one rig week on week, and its August 30 rig count also showed that North America dropped one rig week on week.

Baker Hughes’ August 23 count revealed that North America added one rig week on week, its August 16 count revealed that North America dropped two rigs week on week, and its August 9 count showed that North America’s rig count stayed flat week on week.

Baker Hughes’ August 2 rig count showed that North America added five rigs week on week, its July 26 count showed that North America added 17 rigs week on week, its July 19 count revealed North America added 10 rigs week on week, and its July 12 count showed that North America added 13 rigs week on week.

The company’s July 5 count revealed that North America added three rigs week on week, its 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, and its June 14 count showed that North America added 13 rigs week on week.

Baker Hughes’ 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.

The company’s 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, its May 3 count also showed that North America dropped six rigs week on week, its 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 notes that working rig location information is provided in part by Enverus.

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