February 23, 2024

North America has finally broken its rig loss streak, the latest rotary rig count from Baker Hughes has revealed.

The region added 38 rigs week on week, with Canada adding 39 rigs and the U.S. dropping one rig during the period, according to Baker Hughes’ latest count, which was published on June 9. North America had lost 48 rigs just in the last few weeks alone, Baker Hughes’ rig counts have shown.

The total North America rig count stands at 831, comprising 695 rigs in the U.S. and 136 rigs in Canada, Baker Hughes’ latest count outlined. Of the total U.S. figure, 673 are land rigs, 20 are offshore rigs, and two are inland water rigs, Baker Hughes revealed in the count, which highlighted that 556 of the total U.S. number of rigs are categorized as oil rigs, 135 are categorized as gas rigs, and four are categorized as miscellaneous rigs. Canada’s total rig count comprises 85 oil rigs and 51 gas rigs, according to Baker Hughes.

The U.S. land rig count dropped by one week on week, Baker Hughes showed. Its gas rig count dropped by two, while its oil rig count increased by one, the count revealed. Louisiana, New Mexico, Oklahoma, and Utah all added one rig week on week, while Wyoming added two, Colorado dropped one rig, and Texas dropped six rigs week on week, according to the count. Canada was shown to have added 34 oil rigs and five gas rigs week on week.  

Baker Hughes’ rig count highlighted that North America is down 43 rigs on year ago figures and showed that the U.S. has driven this decline, dropping 38 rigs compared to Canada’s five. The U.S. has dropped 24 oil rigs and 16 gas rigs, and added two miscellaneous rigs, year on year, while Canada has dropped nine oil rigs and added four gas rigs year on year, the rig count revealed.

In its previous rig count, which was published on June 2, Baker Hughes outlined that North America had dropped five rigs week on week. In the count before that, which was posted on May 26, Baker Hughes revealed that North America had dropped seven rigs week on week, in the count prior to that, which was posted on May 19, the company revealed that the region dropped 20 rigs week on week, and in the rig count before that one, which was posted on May 12, Baker Hughes showed that North America 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 showed that North America dropped 10 rigs week on week, its April 21 count showed that the region dropped one rig week on week, and its April 14 count showed that the region dropped 19 rigs week on week. Baker Hughes’ rig count published on April 6 revealed that the region dropped 16 rigs week on week, its March 31 rig count showed that North America cut 29 rigs week on week, its March 24 count showed that the region dropped 38 rigs week on week, and its March 17 rig count showed that the region dropped eight rigs week on week.

Baker Hughes’ March 10 rig count showed a 26-rig week on week drop in North America and its March 3 count also 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.

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

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