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 six rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on September 27.

The U.S. dropped one rig week on week, while Canada added seven rigs during the same period, taking the total North America rig count up to 805, comprising 587 rigs from the U.S. and 218 rigs from Canada, the count outlined.

Of the total U.S. rig count of 587, 567 are categorized as land rigs, 19 are categorized as offshore rigs, and one is categorized as an inland water rig. The total U.S. rig count comprises 484 oil rigs, 99 gas rigs, and four miscellaneous rigs, according to Baker Hughes, which highlights that the total U.S. count has 523 horizontal rigs, 50 directional rigs, and 14 vertical rigs.

Week on week, the U.S. dropped one offshore rig, the count highlighted. The country’s gas rig count increased by three, its oil rig count dropped by four, and its miscellaneous rig count was unchanged week on week, the count revealed. During the period, the U.S. horizontal and directional rig counts were unchanged, while its vertical rig count dropped by one, Baker Hughes highlighted.

A subcategory of major state variances in the Baker Hughes count showed that Texas added one rig week on week, while New Mexico dropped two and Louisiana dropped one during the same timeframe.

Canada’s total rig count of 218 is made up of 152 oil rigs, 65 gas rigs, and one miscellaneous rig, Baker Hughes’ count revealed. The country dropped one gas rig and added eight oil rigs week on week, the count showed. Its miscellaneous rig count remained unchanged during the period, the company highlighted.

The total North America rig count is down nine compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 36 rigs during the period while Canada’s count increased by 27. The U.S. has cut 18 oil rigs, 17 gas rigs, and one miscellaneous rig, while Canada has added 37 oil rigs and one miscellaneous rig, and cut 11 gas rigs, year on year, the count revealed.

In its previous rig count, which was published on September 20, Baker Hughes revealed that North America dropped nine rigs week on week. The U.S. cut a total of two rigs week on week and Canada dropped a total of seven rigs during the same period, that count highlighted.

In a report sent to Rigzone by Standard Chartered Bank Commodities Research Head Paul Horsnell on September 24, which referred to Baker Hughes’ September 20 rig count, analysts at the bank, including Horsnell, said, “the U.S. oil rig count was unchanged week on week at 488, according to the latest Baker-Hughes survey, leaving it 11 rigs above the year to date low and 23 rigs below the year to date high”.

“The only region to show a week on week decline was Colorado’s DJ Basin where activity fell by one to a 39-month low of seven rigs. The Delaware Basin rig count was unchanged week on week at a 29-month low of 168 rigs; it has remained in a 168-171 range for the past 18 weeks,” they added.

“Elsewhere in the Permian Basin, Midland Basin activity rose by one to 109 rigs, while other Permian activity was unchanged at 30 rigs. The U.S. gas rig count fell by one to 96; the only week on week decline was the loss of one of the two gas rigs previously active in the Uinta Basin. Activity in the Marcellus Basin was unchanged at its eight-year low of 24 rigs,” they continued.

Baker Hughes’ September 13 rig count showed that North America added six rigs week on week. The company’s 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