North America Loses More Rigs

North America dropped five rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on May 30.

The U.S. dropped three rigs week on week and Canada cut two during the same timeframe, taking the total North America rig count down to 675, comprising 563 rigs from the U.S. and 112 rigs from Canada, the count outlined.

 Of the total U.S. rig count of 563, 548 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 461 oil rigs, 99 gas rigs, and three miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 508 horizontal rigs, 42 directional rigs, and 13 vertical rigs.

Week on week, the U.S. land rig count dropped by five, its offshore rig count increased by two, and its inland water rig count remained unchanged, the count highlighted. The country’s oil rig count dropped by four, its gas rig count increased by one, and its miscellaneous rig count remained unchanged, week on week, the count showed. The U.S. horizontal rig count dropped by three week on week, and its vertical and directional rig counts remained unchanged during the same timeframe, the count revealed.

A major state variances subcategory included in the rig count showed that, week on week, New Mexico, Ohio, Oklahoma, and West Virginia each dropped one rig. Pennsylvania added one rig week on week, the count outlined.

A major basin variances subcategory included in Baker Hughes’ rig count showed that, week on week, the Cana Woodford basin dropped two rigs, and the Ardmore Woodford, Granite Wash, Permian, and Utica basins each dropped one rig. The Eagle Ford basin was shown to have added one rig week on week.

Canada’s total rig count of 112 is made up of 69 oil rigs and 43 gas rigs, Baker Hughes pointed out. The country’s oil rig count dropped by two week on week and its gas rig count remained unchanged during the period, the count revealed.

The total North America rig count is down by 53 rigs compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 37 rigs and Canada has cut 16 rigs, year on year. The U.S. has dropped 35 oil rigs, one gas rig, and one miscellaneous rig, while Canada has dropped 11 gas rigs and five oil rigs, year on year, the count outlined.

In its previous rig count, which was released on May 23, Baker Hughes showed that North America dropped 17 rigs week on week. The total U.S. rig count dropped by 10 and the total Canada rig count dropped by seven week on week, that count outlined.

Baker Hughes’ May 16 rig count showed that North America added five rigs week on week. The company’s May 9 rig count showed that North America cut 12 rigs week on week, its May 2 count revealed that North America dropped 11 rigs week on week, and its April 25 count revealed that North America dropped four rigs week on week.

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, the company’s 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. Baker Hughes’ 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