North America Breaks Rig Gain Streak

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

North America’s rig count stayed flat week on week, according to Baker Hughes’ latest rotary rig count, which was published on August 9.

The U.S. added two rigs and Canada dropped two rigs week on week, which led to the total North America rig count remaining unchanged at 805, comprising 588 rigs from the U.S. and 217 rigs from Canada, the count outlined.

The total U.S. rig count is made up of 569 land rigs and 19 offshore rigs, according to Baker Hughes, which highlighted that the country’s total count comprises 485 oil rigs, 97 gas rigs, and six miscellaneous rigs. Of the total U.S. rig count of 588, 521 are categorized as horizontal rigs, 50 are categorized as directional rigs, and 17 are categorized as vertical rigs.

Week on week, the U.S. added three land rigs and dropped one offshore rig, while its oil rig count increased by three and its gas rig count dropped by one, Baker Hughes showed. During the period, the U.S. added one directional rig and one horizontal rig, the count revealed.

Texas and Wyoming each added two rigs week on week, while Pennsylvania and Colorado each added one rig, the count highlighted. Louisiana dropped two rigs, and New Mexico and Ohio each dropped one rig week on week, the count outlined.

Canada’s total rig count of 217 is made up of 147 oil rigs, 69 gas rigs, and one miscellaneous rig, the count revealed. Canada added one miscellaneous rig and cut three oil rigs week on week, the count highlighted.

The total North America rig count is down 39 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 66 rigs during the period while Canada’s count increased by 27. The U.S. has cut 40 oil rigs and 26 gas rigs while Canada has added 31 oil rigs and one miscellaneous rig, and cut five gas rigs, year on year, the rig count revealed.

In its previous rig count, which was published on August 2, Baker Hughes showed that North America added five rigs week on week. 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, that count outlined.

Week on week, the U.S. dropped two land rigs and one offshore rig, that 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 in that count.

In a report sent to Rigzone by Standard Chartered Bank Commodities Research Head Paul Horsnell on August 6, which referred to Baker Hughes’ August 2 rig count, analysts at the bank, including Horsnell, said, “the U.S. oil rig count … was unchanged week on week at 482 according to the latest Baker Hughes survey”.

“Activity in the DJ Basin of Colorado and Wyoming fell by a single rig to a three-year low of nine rigs, while the rig count in Wyoming’s Powder River Basin gained one to eight In the Permian Basin, Delaware Basin activity was unchanged at 171 rigs, Midland Basin activity was unchanged at 105 rigs while other Permian activity fell by a single rig to 27 rigs,” they added.

“The U.S. gas rig count declined by three week on week to 98, only a single rig above the three-year low,” they continued.

Baker Hughes’ 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, 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