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Home » North America Loses Rigs for 9 Straight Weeks
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North America Loses Rigs for 9 Straight Weeks

omc_adminBy omc_adminMay 6, 2025No Comments6 Mins Read
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North America dropped 11 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on May 2.

The U.S. dropped a total of three rigs week on week and Canada dropped a total of eight rigs during the same period, taking the total North America rig count down to 704, comprising 584 rigs from the U.S. and 120 from Canada, the count outlined.

Of the total U.S. rig count of 584, 567 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and three are categorized as inland water rigs. The total U.S. rig count is made up of 479 oil rigs, 101 gas rigs, and four miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 523 horizontal rigs, 46 directional rigs, and 15 vertical rigs.

Week on week, the U.S. land rig count dropped by four, its offshore rig count increased by one, and its inland water rig count remained unchanged, the count highlighted. The U.S. oil rig count decreased by four week on week, its gas rig count rose by two, and its miscellaneous rig count dropped by one, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count dropped by four week on week, while its directional rig count increased by one, and its vertical rig count remained unchanged during the period.

A major state variances subcategory included in the rig count showed that, week on week,  Ohio and Texas each dropped three rigs, and Louisiana added three rigs. A major basin variances subcategory included in Baker Hughes’ rig count showed that the Utica basin dropped three rigs, the Permian basin dropped two rigs, and the Eagle Ford basin cut one rig week on week, while the Haynesville basin added one rig during the same period.

Canada’s total rig count of 120 is made up of 74 oil rigs and 46 gas rigs, Baker Hughes pointed out. The country’s oil rig count dropped by seven and its gas rig count dropped by one, week on week, the count revealed.

The total North America rig count is down 21 compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 21 rigs and Canada’s rig count has remained unchanged, year on year. The U.S. has dropped 20 oil rigs and one gas rig, while Canada has dropped 14 gas rigs, and added 14 oil rigs, year on year, the count outlined.

In a research note sent to Rigzone on Friday by the JPM Commodities Research team, analysts at J.P. Morgan noted that “total U.S. oil and gas rigs decreased by three to 584 this week, according to Baker Hughes”.

“Oil focused rigs decreased by four to 479 rigs, after adding two rigs last week. Natural gas focused rigs increased by two to 101 rigs, after adding one rig last week,” they added.

“The rig count in the five major tight oil basins – we use the EIA [Energy Information Administration] basin definition – decreased by two to 450 rigs. The rig count in two major tight gas basins decreased by two to 70 rigs,” they continued.

Looking at the rig count “across major tight oil basins” in the research note, the J.P. Morgan analysts pointed out that the “Permian los[t]… two rigs, while counts in other regions remained unchanged”.

“The continued decline in oil rigs follows a significant downturn in oil prices and aligns with recent commentary from the ongoing earnings season, as companies are starting to optimize their capital costs and activity levels,” the analysts said in the note.

Looking at the rig count “across major gas basins” in the note, the J.P. Morgan analysts noted that the “Haynesville add[ed]… one rig while Marcellus/Utica lost three rigs”.

“We attribute the weaker activity in the Marcellus/Utica basin to lower seasonal in-basin demand, as export capacity to other regions remains constrained,” the analysts added.

In its previous rig count, which was released on April 25, Baker Hughes revealed that North America dropped four rigs week on week. Although the U.S. added a total of two rigs week on week, Canada’s overall rig count decreased by six during the same period, that count showed.

Baker Hughes’ April 17 count revealed that North America dropped two rigs week on week, its April 11 rig count revealed that North America cut 22 rigs week on week, its April 4 rig count showed that North America cut 12 rigs week on week, its March 28 count revealed that North America cut 18 rigs week on week, and its March 21 rig count also revealed that North America cut 18 rigs week on week. The company’s March 14 count showed that North America dropped 35 rigs week on week and its March 7 rig count revealed North America cut 15 rigs week on week.

In its February 28 rig count, Baker Hughes showed that North America added five rigs week on week. Its February 21 count revealed that North America added three rigs week on week, its February 14 rig count showed that North America dropped two rigs week on week, and its January 31 rig count showed that North America added 19 rigs week on week.

The company’s January 24 rig count revealed that North America added 12 rigs week on week, its January 17 count showed that North America added nine rigs week on week, and its January 10 rig count outlined that North America added 117 rigs week on week.

Baker Hughes’ January 3 rig count revealed that North America dropped one rig week on week and its December 27 rig count showed that North America dropped 71 rigs week on week.

Baker Hughes, which has issued rotary rig counts 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.

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

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