North America Enters Rig Addition Streak

North America added three rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on August 15.

Although the total U.S. rig count remained unchanged week on week, Canada added three rigs during the same period, taking the total North America rig count up to 722, comprising 539 rigs from the U.S. and 183 rigs from Canada, the count outlined.

Of the total U.S. rig count of 539, 524 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 412 oil rigs, 122 gas rigs, and five miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 471 horizontal rigs, 55 directional rigs, and 13 vertical rigs.

Week on week, the U.S. offshore, inland water, and land rig counts all remained unchanged, Baker Hughes highlighted. The U.S. gas rig count dropped by one, its oil rig count increased by one, and its miscellaneous rig count remained unchanged, week on week, the count showed. The U.S. directional rig count increased by one, its vertical rig count decreased by one, and its horizontal rig count remained unchanged week on week, the count revealed.

A major state variances subcategory included in the rig count showed that, week on week, Texas and Wyoming each dropped one rig and Louisiana added two rigs. A major basin variances subcategory included in Baker Hughes’ rig count showed that, week on week, the Permian, Haynesville, and Mississippian basins each dropped one rig, and the Eagle Ford basin added one rig.

Canada’s total rig count of 183 is made up of 126 oil rigs and 57 gas rigs, Baker Hughes pointed out. Week on week, the country’s oil rig count increased by four, its gas rig count remained unchanged, and its miscellaneous rig count dropped by one, the count revealed.

The total North America rig count is down by 81 rigs compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 47 rigs and Canada has cut 34 rigs, year on year. The U.S. has dropped 71 oil rigs and added 24 gas rigs, while Canada has dropped 25 oil rigs and nine gas rigs, year on year, the count outlined.

In its previous rig count, which was released on August 8, Baker Hughes revealed that North America added two rigs week on week. Although the U.S. dropped one rig week on week, Canada added three rigs during the same period, that count outlined.

In a report sent to Rigzone by the Standard Chartered team on August 12, Standard Chartered Bank analysts said, referring to Baker Hughes’ August 8 rig count, “the U.S. oil rig count increased week on week for the first time since late April (according to Baker-Hughes), adding one rig to total 411”.

“Activity reduced most significantly in the Permian Basin, with the Delaware Basin count falling by three. Oklahoma activity increased, with SCOOP and Granite Wash both adding two each,” the analysts added.

Baker Hughes’ August 1 rig count showed that North America dropped seven rigs week on week. Its July 25 rig count revealed that North America added eight rigs week on week, its July 18 count showed that North America added 17 rigs week on week, its July 11 rig count showed that North America added nine rigs week on week, and its July 3 count highlighted that North America added three rigs week on week.

In its June 27 rig count, Baker Hughes revealed that North America dropped six rigs week on week. The company’s June 20 rig count showed that the total North America rig count remained unchanged week on week, its June 13 rig count showed that North America added 20 rigs week on week, and its June 6 rig count showed that North America cut two rigs week on week.

Baker Hughes’ May 30 rig count revealed that North America dropped five rigs week on week, its May 23 count showed that North America dropped 17 rigs week on week, and its May 16 rig count showed that North America added five rigs week on week. The company’s May 9 rig count revealed 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 showed that North America dropped four rigs week on week.

Baker Hughes’ April 17 count showed 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