North America Breaks Rig Loss Streak

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North America added six rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on September 13.

The U.S. added a total of eight rigs week on week and Canada dropped a total of two rigs during the same period, taking the total North America rig count up to 808, comprising 590 rigs from the U.S. and 218 from Canada, Baker Hughes’ latest rotary rig count outlined.

Of the total U.S. rig count of 590, 568 are categorized as land rigs, 21 are categorized as offshore rigs, and one is categorized as an inland water rig. The total U.S. rig count is made up of 488 oil rigs, 97 gas rigs, and five miscellaneous rigs, according to the count, which showed that the total U.S. rig figure comprises 523 horizontal rigs, 52 directional rigs, and 15 vertical rigs.

Week on week, the U.S. added six land rigs and two offshore rigs, the count highlighted. The U.S. oil rig count increased by five and its gas rig count increased by three during that period and its directional rig count increased by four, its horizontal rig count increased by three, and its vertical rig count increased by one week on week, the count showed.

Wyoming, Oklahoma, and Louisiana each added three rigs week on week, West Virginia added two rigs, and New Mexico added one, the count pointed out. Pennsylvania and California each dropped two rigs week on week, the count revealed.

Canada’s total rig count of 218 comprises 150 oil rigs, 67 gas rigs, and one miscellaneous rig, Baker Hughes’ count showed. The country dropped two oil rigs week on week, the count highlighted.

The total North America rig count is down 23 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 51 rigs during the period while Canada’s count increased by 28. The U.S. has cut 27 oil rigs and 24 gas rigs, while Canada has added 31 oil rigs and one miscellaneous rig, and cut four gas rigs, year on year, the count revealed.

In an oil drilling report sent to Rigzone on Friday by the JPM Commodities Research team, J.P. Morgan analysts highlighted that “total U.S. oil and gas rigs rose by eight to 590 this week”.

“Oil-focused operators rose by five to 488 rigs, the first increase in the last five weeks of reporting. Natural gas–focused rigs rose by three to 97 rigs, putting space between this year’s low of 94 rigs,” they added.

“The rig count in the five major tight oil basins rose by six, as the Anadarko and Niobrara basins added three rigs each and all other regions were flat,” they continued.

“Likely driven by a re-activation of drilling activity in order to complete 4Q24 drilling programs, the rig additions occurred in two basins that have been actively depleting their DUC inventory in recent months, according to our balances,” they went on to state.

In the report, the analysts noted that “decreases in the Anadarko basin rig count were likely not to be sustained, as DUC completion could only support production levels for so long”.

“This week’s addition of six rigs in the major tight oil basins puts the count just two rigs below our September forecasts,” they added.

In its previous rig count, which was published on September 6, Baker Hughes revealed that North America dropped one rig week on week. Baker Hughes’ August 30 rig count also showed that Baker North America dropped one rig week on week.

Baker Hughes’ August 23 count revealed that North America added one rig week on week, its August 16 count revealed that North America dropped two rigs week on week, and its August 9 count showed that North America’s rig count stayed flat week on week.

Baker Hughes’ August 2 rig count showed that North America added five rigs week on week, its July 26 count showed that North America added 17 rigs week on week, its July 19 count revealed North America added 10 rigs week on week, and its July 12 count showed that North America added 13 rigs week on week.

The company’s July 5 count revealed that North America added three rigs week on week, its June 28 count also showed that North America added three rigs week on week, its June 21 rig count revealed that North America added four rigs week on week, and its June 14 count showed that North America added 13 rigs week on week.

Baker Hughes’ June 7 count revealed that North America added nine rigs week on week, its May 31 count showed that North America added eight rigs week on week, and its May 24 rig count highlighted that North America added two rigs week on week.

The company’s May 17 count revealed that North America dropped one rig week on week, its May 10 count showed that North America dropped six rigs week on week, its May 3 count also showed that North America dropped six rigs week on week, its April 26 count showed that North America dropped 15 rigs week on week, and its April 19 count showed that North America cut 12 rigs week on week.

Baker Hughes’ April 12 count revealed that North America added two rigs week on week, and its April 5 count showed that North America cut 16 rigs week on week.

The company’s March 28 count revealed that North America dropped 21 rigs week on week, its March 22 count showed that the region cut 43 rigs week on week, its March 15 count showed that the region cut 11 rigs week on week, and its March 8 rig count showed that North America dropped 13 rigs week on week.

Baker Hughes’ March 1 rig count revealed that North America added three rigs week on week, its February 23 rig count showed that North America added two rigs week on week, and its February 16 count showed that North America’s rig count remained unchanged week on week.

The company’s February 9 rig count revealed that North America increased its rig count by four rigs week on week, its February 2 count showed that North America’s rig count stayed flat week on week, and its January 26 rig count showed that North America increased its rig count by eight rigs week on week.

Baker Hughes’ January 19 count revealed that North America increased its rig count by 11 rigs week on week, its January 12 rig count showed that North America increased its rig count by 86 rigs week on week, and its January 5 rig count, which marked the company’s first rotary rig count of 2024, showed that North America added 38 rigs week on week.

The company’s final rotary rig count of 2023 showed a notable week on week and year on year drop for North America. The region’s rig count decreased by 58 week on week and by 155 year on year, according to that count, which was released on December 29.

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 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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Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66e985dbad4744208ebf43d4e3d36111&url=https%3A%2F%2Fwww.rigzone.com%2Fnews%2Fnorth_america_breaks_rig_loss_streak-17-sep-2024-178129-article%2F&c=15833728446741911258&mkt=en-us Author : Publish date : 2024-09-16 23:03:00 Copyright for syndicated content belongs to the linked Source .