North America Cuts 15 Rigs WoW
by Andreas Exarheas
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
North America dropped 15 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on March 7.
The U.S. cut one rig week on week, and Canada dropped 14 rigs during the same period, taking the total North America rig count down to 826, comprising 592 rigs from the U.S. and 234 rigs from Canada, the count outlined.
Of the total U.S. rig count of 592, 576 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 486 oil rigs, 101 gas rigs, and five miscellaneous rigs, according to the count, which revealed that the U.S. total comprises 531 horizontal rigs, 49 directional rigs, and 12 vertical rigs.
Week on week, the U.S. land rig count dropped by two, the country’s offshore rig count increased by one, and its inland water rig count remained unchanged, the count highlighted. The U.S. gas rig count dropped by one, and its oil and miscellaneous rig counts remained unchanged, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count decreased by two week on week, while the country’s directional rig count increased by one and its vertical rig count remained unchanged during the period.
A major state variances subcategory included in the rig count showed that, week on week, Texas and Colorado each dropped one rig, and Wyoming added one rig. A major basin variances subcategory included in Baker Hughes’ rig count showed that the Haynesville basin dropped two rigs, the Granite Wash and the Permian basins each dropped one rig, and the Cana Woodford and Eagle Ford basins each added one rig, week on week.
Canada’s total rig count of 234 is made up of 170 oil rigs and 64 gas rigs, Baker Hughes pointed out. The country’s gas rig count dropped by seven week on week, as did its oil rig count, the count outlined. Canada’s miscellaneous rig count remained unchanged during the period, Baker Hughes revealed.
The total North America rig count is down 21 compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 30 rigs and Canada has added nine rigs, year on year. The U.S. has dropped 18 oil rigs and 14 gas rigs, and added two miscellaneous rigs, while Canada has added 29 oil rigs and cut 20 gas rigs, year on year, the count revealed.
In a research note sent to Rigzone by the JPM Commodities Research team on Friday, analysts at J.P. Morgan noted that “total U.S. oil and gas rigs fell by one to 592 this week, according to Baker Hughes”.
“Oil focused operators remained flat at 486 rigs, after last week’s loss of two. Natural gas-focused rigs fell by one to 101 rigs, after last week’s gain of two,” the analysts added.
“The rig count in the five major tight oil basins – we use the EIA basin definition – remained flat at 464 rigs,” they went on to state.
“This week, the rig count in the major tight oil basins held steady, with the Eagle Ford adding one rig, the Permian losing one, and all other regions remaining unchanged,” the J.P. Morgan analysts went on to state.
The analysts noted in the report that this marks the first stable week for oil rigs in 2025, following a tumultuous start to the year.
“Initially, the rig count dropped by ten rigs but rebounded by 14 by the end of February,” the analysts said in the report.
“These fluctuations were largely due to cold weather, and we do not anticipate such significant swings to persist … [Friday’s] rig count is closely aligned with our estimates for March, and we expect drilling activity to remain stable through the second quarter,” they added.
“However, starting from July, we project a decline of 12 rigs by the year-end , in line with our 4Q25 WTI price forecast of $65 per barrel,” they went on to state.
In its previous rig count, which was released on February 28, Baker Hughes revealed North America added five rigs week on week. The U.S. added one rig week on week and Canada added four rigs during the same period, Baker Hughes outlined in that count.
Baker Hughes’ February 21 count revealed that North America added three rigs week on week, its February 14 rig count showed that North America dropped two rigs week on week, and its January 31 rig count showed that North America added 19 rigs week on week.
The company’s January 24 rig count revealed that North America added 12 rigs week on week, its January 17 count showed that North America added nine rigs week on week, and its January 10 rig count outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig count revealed that North America dropped one rig week on week, its December 27 rig count showed that North America dropped 71 rigs week on week, its December 20 rig count revealed that North America lost 25 rigs week on week, its December 13 rig count revealed that North America lost three rigs week on week, and its December 6 rig count revealed that North America lost four rigs week on week. The company’s November 27 count showed that North America’s total rig count increased by three week on week.
Baker Hughes, which has issued rotary rig counts 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