North America Drops Rigs

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

North America dropped nine rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on September 20.

The U.S. cut a total of two rigs week on week and Canada dropped a total of seven rigs during the same period, taking the total North America rig count down to 799, comprising 588 rigs from the U.S. and 211 from Canada, Baker Hughes’ latest rotary rig count outlined.

Of the total U.S. rig count of 588, 567 are categorized as land rigs, 20 are categorized as offshore rigs, and one is categorized as an inland water rig. The total U.S. rig count is made up of 488 oil rigs, 96 gas rigs, and four miscellaneous rigs, according to the count, which showed that the total U.S. rig figure comprises 523 horizontal rigs, 50 directional rigs, and 15 vertical rigs.

The U.S. dropped one land rig and one offshore rig week on week, the count showed. The U.S. oil rig count remained unchanged week on week, while its gas rig count and its miscellaneous rig count each dropped by one during the same timeframe, the count revealed. The U.S. horizontal and vertical rig counts stayed the same week on week, while the country’s directional rig count dropped by two during the period, Baker Hughes highlighted.

Texas added two rigs week on week, while Colorado, Louisiana, New Mexico, and Utah each dropped one rig during the period, Baker Hughes’ count showed.

Canada’s total rig count of 211 is made up of 144 oil rigs, 66 gas rigs, and one miscellaneous rig, Baker Hughes’ count revealed. The country dropped six oil rigs and one gas rig week on week, the count revealed.

The total North America rig count is down 21 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 42 rigs during the period while Canada’s count increased by 21. The U.S. has cut 19 oil rigs, 22 gas rigs, and one miscellaneous rig, while Canada has added 29 oil rigs and one miscellaneous rig, and cut nine gas rigs, year on year, the count revealed.

In its previous rig count, which was published on September 13, Baker Hughes showed that North America added six rigs week on week. The U.S. added a total of eight rigs week on week and Canada dropped a total of two rigs during the same period, that count outlined.

In a report sent to Rigzone by Standard Chartered Bank Commodities Research Head Paul Horsnell on September 17, which referred to Baker Hughes’ September 13 rig count, analysts at the bank, including Horsnell, said, “the U.S. oil rig count increased for the first time in five weeks according to the latest Baker-Hughes survey adding five week on week to 488”.

“The main sources of the increase were Wyoming’s Powder River Basin where activity rose by three to 13 rigs and offshore Louisiana where the rig count gained two to 16. Permian Basin drilling was unchanged week on week in all regions with activity at 168 rigs in the Delaware Basin, 108 rigs in the Midland Basin and 30 rigs in other Permian areas,” they added.

“The total Permian rig count is 306; it has remained in the 303-306 range for 12 weeks. The U.S. gas rig count rose from the previous week’s 41-month low, adding three rigs week on week to 97,” they continued.

Baker Hughes’ 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 the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas