USA Rig Drop Drives North America Rig Losses

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

North America lost six rigs week on week, according to the latest rotary rig count from Baker Hughes, which was published on July 21.

Although Canada’s total rig count remained unchanged week on week, the U.S. count dropped by six during the same timeframe, Baker Hughes highlighted. North America’s total rig count stands at 856, comprising 669 rigs from the U.S. and 187 rigs from Canada, Baker Hughes’ latest review outlined.

The total Canada count is made up of 116 oil rigs and 71 gas rigs, while the total U.S. count is made up of 530 oil rigs, 131 gas rigs, and eight miscellaneous rigs, according to Baker Hughes, which highlighted that the U.S. has a total of 647 land rigs, 18 offshore rigs and four inland water rigs.

The U.S. had five fewer land rigs and one less inland water rig week on week, Baker Hughes revealed in its latest count. The country dropped seven oil rigs and two gas rigs, but added three miscellaneous rigs, during that timeframe, the count showed. Canada added two oil rigs and dropped two gas rigs week on week, Baker Hughes revealed.

In the U.S., Texas and Louisiana were shown to have lost rigs week on week, while Oklahoma and Utah were shown to have added rigs. Texas dropped seven rigs, Louisiana cut two rigs, Oklahoma added one rig, and Utah added two rigs, the count highlighted.

Baker Hughes’ count outlined that North America is down 97 rigs on year ago figures and highlighted that the U.S. has driven this decline, cutting 89 rigs during the period while Canada dropped eight rigs. The U.S. has cut 69 oil rigs and 24 gas rigs, and added four miscellaneous rigs, year on year, while Canada has just dropped eight oil rigs year on year, the rig count revealed.

In its previous rig count, which was posted on July 14, Baker Hughes showed that North America added seven rigs week on week. In that count, Baker Hughes revealed that the U.S. dropped five rigs week on week and that Canada added 12 rigs during the same period.

In its rig count released on July 7, Baker Hughes showed that North America had added 14 rigs week on week. In the rig count prior to that, which was released on June 30, the company revealed that North America had dropped 10 rigs week on week.

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

In its rig count released on June 2, Baker Hughes outlined that North America had dropped five rigs week on week, and in the count before that, which was published on May 26, Baker Hughes revealed that North America had dropped seven rigs week on week. The count prior to that, which was posted on May 19, showed that the region had dropped 20 rigs week on week, and the rig count before that one, which was posted on May 12, showed that North America had dropped 16 rigs week on week.

Baker Hughes’ May 5 count showed that North America cut seven rigs week on week, its April 28 count revealed that North America dropped 10 rigs week on week, its April 21 count revealed that the region dropped one rig week on week, and its April 14 count revealed that the region dropped 19 rigs week on week. In its April 6 count, Baker Hughes revealed that North America cut 16 rigs week on week and in its March 31 count, the company showed that North America cut 29 rigs week on week.

Baker Hughes’ March 24 count showed that the region dropped 38 rigs week on week, its March 17 rig count revealed that the region dropped eight rigs week on week, its March 10 rig count showed a 26-rig week on week drop in North America, and its March 3 count revealed that North America had cut two 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 this article at Rigzone.com
*this article was not written by Roseland Oil & Gas