North America Cuts Rigs Week on Week

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North America dropped three rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on October 11.

The U.S. added one rig and Canada dropped four rigs week on week, taking the total North America rig count down to 805, comprising 586 rigs from the U.S. and 219 rigs from Canada, the count outlined.

Of the total U.S. rig count of 586, 567 are classified as land rigs, 18 are categorized as offshore rigs, and one is classified as an inland water rig. The total U.S. rig count is made up of 481 oil rigs, 101 gas rigs, and four miscellaneous rigs, according to Baker Hughes, which showed that this total comprised 519 horizontal rigs, 55 directional rigs, and 12 vertical rigs.

Week on week, the U.S. added one land rig, the count revealed. The country’s oil rig count increased by two, its gas rig count dropped by one, and its miscellaneous rig count remained unchanged during the period, the count highlighted. The directional rig count in the U.S. increased by six week on week, while its horizontal rig count dropped by three and its vertical rig count dropped by two during the same timeframe, the count showed.

Texas added six rigs week on week and Oklahoma added one rig during that period, the count outlined. Louisiana, New Mexico, and Pennsylvania each dropped two rigs week on week, Baker Hughes highlighted.

Canada’s total rig count of 219 is made up of 154 oil rigs and 65 gas rigs, Baker Hughes’ count revealed. The country added two gas rigs and dropped three oil rigs and three miscellaneous rigs week on week, the count showed.

The total North America rig count is down 10 compared to year ago levels, according to Baker Hughes, which showed that the U.S. has cut 36 rigs and Canada has added 26 rigs during the period. The U.S. has dropped 20 oil rigs and 16 gas rigs, while Canada has added 38 oil rigs, and dropped one miscellaneous rig and 11 gas rigs, year on year, the count outlined.

In a research note 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 one to 586 this week”.

“Oil focused operators rose by two to 481 rigs, after last week’s loss of five. Natural gas–focused rigs fell by one to 101 rigs, after gaining six during the two weeks prior,” they added.

“The rig count in the five major tight oil basins increased by one. The Anadarko and Eagle Ford basins each saw an addition of one rig, which was offset by a loss of one rig in the Niobrara basin, while all other basins remained unchanged,” the analysts continued.

“The overall oil rig count stayed relatively stable during a week when WTI averaged just under $75. Although we do not anticipate a sudden reaction from U.S. operators based on two weeks of favorable pricing, a sustained period in which prices align with our 4Q24 WTI price forecast of $76 is likely to encourage additional rig reactivations by year-end,” the analysts went on to state.

In the note, the J.P. Morgan analysts said they still foresee the potential for U.S. drillers to add 13 more rigs by the end of the year.

In its previous rig count, which was published on October 4, Baker Hughes revealed that North America added three rigs week on week. The U.S. cut a total of two rigs week on week and Canada added a total of five rigs during the same period, that count highlighted.

Baker Hughes’ September 27 count revealed that North America added six rigs week on week, its September 20 rig count revealed that North America dropped nine rigs week on week, and its September 13 rig count showed that North America added six rigs week on week.

The company’s September 6 rig count revealed that North America dropped one rig week on week and its August 30 rig count also showed that 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 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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