February 23, 2024

North America dropped two rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on December 1.

Although the U.S. added three rigs week on week, Canada cut five during the same timeframe, taking North America’s total rig count down to 817, Baker Hughes outlined. The total North America rig count figure comprises 625 rigs from the U.S. and 192 rigs from Canada, the count revealed.

Of the total U.S. rig count of 625, 603 are land rigs, 21 are offshore rigs, and one is an inland water rig, according to Baker Hughes, which highlighted that the country has 505 oil rigs, 116 gas rigs, and four miscellaneous rigs. The total U.S. rig count is made up of 559 horizontal rigs, 54 directional rigs, and 12 vertical rigs, Baker Hughes’ count pointed out.

Week on week, the U.S. added three land rigs, the count showed. While the U.S. oil rig count increased by five week on week, its gas rig count decreased by one, and its miscellaneous rig count decreased by one during the same timeframe, the count outlined. The country’s horizontal rig count increased by five, and its directional and vertical rig counts each decreased by one week on week, Baker Hughes revealed.

Canada’s rig count of 192 is made up of 122 oil rigs and 70 gas rigs, Baker Hughes’ rig count highlighted. The country’s oil rig count dropped by two week on week and its gas rig count dropped by three during the same period, the count showed.

Baker Hughes’ latest rig count outlined that North America is down 162 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 159 rigs during the period while Canada dropped three rigs. The U.S. has cut 122 oil rigs and 39 gas rigs, and added two miscellaneous rigs, year on year, while Canada has dropped six oil rigs and added three gas rigs year on year, the rig count revealed.

In its previous rig count, which was released on November 22, Baker Hughes showed that North America added five rigs week on week. The U.S. added four rigs and Canada added one rig week on week, that count highlighted.

“The U.S. oil rig count was unchanged week on week at 500, according to the latest Baker-Hughes survey,” analysts at Standard Chartered stated in a report sent to Rigzone on November 28, referring to Baker Hughes’ November 22 rig count.

“The year on year decline stands at 127 rigs (20.3 percent) and is very unevenly spread across the country,” they added.

“While oil drilling in New Mexico is unchanged year on year at 99 rigs, Texas oil drilling is 71 rigs lower year on year (21 percent) and Oklahoma oil drilling is 33 rigs lower (41 percent),” they went on to state.

In its November 17 rig count, Baker Hughes revealed that North America dropped one rig week on week, and in its November 10 rig count, the company revealed that North America added one rig week on week. Baker Hughes’ November 3 count showed that North America dropped seven rigs week on week and its October 27 rig count showed that North America cut one rig week on week. The company’s October 20 count revealed that North America added seven rigs week on week and its October 13 count revealed that the region stopped a streak of rig losses and added a total of 16 rigs week on week.

Baker Hughes’ October 6 rig count highlighted that North America cut 15 rigs week on week, its September 29 rig count showed that North America dropped six rigs week on week, and its September 22 count revealed that North America went back to losing rigs week on week. Baker Hughes’ September 15 count showed that North America had broken a string of consecutive weekly rig losses.

The company’s 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, its August 25 count showed that North America dropped nine rigs week on week, and its August 18 count showed that the region cut 13 rigs week on week. Baker Hughes’ 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.

To contact the author, email andreas.exarheas@rigzone.com

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