North America Returns to Rig Losses

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

North America went back to losing rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on September 22.

Week on week, the U.S. dropped 11 rigs, while Canada’s count stayed the same, leading to a total weekly loss of 11 rigs for the region, the rig count outlined. North America’s total rig figure is now 820, comprising 630 rigs from the U.S. and 190 from Canada, the count highlighted.

Of the total U.S. rig count of 630, 608 rigs are categorized as land rigs, 19 are categorized as offshore rigs, and three are categorized as inland water rigs. The U.S. rig count total comprises 507 oil rigs, 118 gas rigs, and five miscellaneous rigs, the count showed.

According to Baker Hughes, the U.S. had 11 fewer land rigs week on week. The company outlined that the U.S. dropped eight oil rigs and three gas rigs during the same time period. Week on week, Texas was shown to have dropped five rigs, New Mexico and Oklahoma were each shown to have dropped two rigs, and Utah and Wyoming were each shown to have dropped one rig.

Canada’s total rig count of 190 comprises 115 oil rigs and 75 gas rigs, according to Baker Hughes, which showed that the country added four gas rigs and dropped four oil rigs week on week.

Baker Hughes’ latest rig count outlined that North America is down 159 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 134 rigs during the period while Canada dropped 25 rigs. The U.S. has cut 95 oil rigs and 42 gas rigs, and added three miscellaneous rigs, year on year, while Canada has dropped 33 oil rigs and added eight gas rigs year on year, the rig count revealed.

In its previous rig count, which was released on September 15, Baker Hughes revealed that North America had broken a string of consecutive weekly rig losses.

That rig count showed that the region added 17 rigs week on week, with nine of these coming from the U.S. and eight from Canada. The rig count highlighted that, week on week, the U.S. registered nine more land rigs and that the country’s oil rig count increased by two week on week, while its gas rig count increased by eight and its miscellaneous rig count dropped by one during the same timeframe.

“It is still too early to point to a definitive turning point in U.S. drilling activity as oil prices rise, but there are some tentative indications of a possible turn,” analysts at Standard Chartered said in a report sent to Rigzone on September 19, referring to Baker Hughes’ September 15 rig count.  

“The U.S. oil rig count has increased for a second consecutive week for the first time since November 2022, according to the latest Baker-Hughes survey; the count added two week on week to 515 rigs, following the previous week’s single-rig increase,” the analysts added.

Baker Hughes’ September 8 count revealed that North America’s rig count dropped by four week on week, its September 1 count showed that North America cut four rigs week on week, and its August 25 count showed that North America dropped nine rigs week on week. The company’s August 18 count showed that the region cut 13 rigs week on week, its August 11 count showed that North America dropped three rigs week on week, and its August 4 count showed that North America dropped 10 rigs week on week.

Baker Hughes’ July 28 count revealed that North America added one rig week on week, its July 21 count showed that North America lost six rigs week on week, and its July 14 count showed that North America added seven rigs week on week. The company’s July 7 count highlighted that the region added 14 rigs week on week, and its June 30 count showed that the region dropped 10 rigs week on week.

Prior to the rig count released on June 30, North America had been on a streak of rig additions. The company’s June 23 count outlined that North America increased its rig count by five week on week and its June 16 count showed that North America added 15 rigs week on week. In the rig count prior to that, which was published on June 9, Baker Hughes revealed that North America had finally broken a rig loss streak which had gone on for several weeks. The region was shown in that count to have added 38 rigs week on week.

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, which produces daily rig counts using GPS tracking units.

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