North America Posts WoW Rig Loss

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North America dropped one rig week on week, according to Baker Hughes’ latest rotary rig count, which was posted on August 30.

The U.S. dropped two rigs week on week, while Canada added one rig during the same timeframe, taking the total North America rig count down to 803, comprising 583 rigs from the U.S. and 220 from Canada, Baker Hughes’ latest North America rotary rig count outlined.

Of the total U.S. rig count of 583, 563 rigs are categorized as land rigs, 19 are categorized as offshore rigs, and one is categorized as an inland water rig. The total U.S. rig count is made up of 483 oil rigs, 95 gas rigs, and five miscellaneous rigs, according to the count, which shows that the total U.S. figure comprises 521 horizontal rigs, 48 directional rigs, and 14 vertical rigs.

Week on week, the U.S. dropped three land rigs and added one inland water rig, while its gas rig count dropped by two, the count highlighted. The U.S. dropped three horizontal rigs week on week and added one directional rig, the count revealed.

Pennsylvania dropped three rigs week on week, and Colorado and New Mexico each dropped one rig during the same period, the count showed. West Virginia, Louisiana, and Oklahoma each added one rig week on week, the count highlighted.

Canada’s total rig count of 220 comprises 153 oil rigs and 67 gas rigs, Baker Hughes’ count pointed out. The country added one gas rig week on week, the count highlighted.

The total North America rig count is down 15 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 48 rigs during the period while Canada’s count increased by 33. The U.S. has cut 29 oil rigs and 19 gas rigs while Canada has added 38 oil rigs and cut five gas rigs, year on year, the rig count revealed.

In an oil drilling report sent to Rigzone on Friday by the JPM Commodities Research team, J.P. Morgan analysts noted that “total U.S. oil and gas rigs fell by two to 583 rigs this week”.

“Oil-focused operators remained flat at 483 rigs, a second weekly flat count. Natural gas–focused rigs fell by two to 95 rigs, marking a new low in rig count for this year,” they added.

“The rig count in the five major tight oil basins rose by one, as a gain of two in the Anadarko and a gain of one rig in the Eagle ford were offset by a loss of one rig each in the Permian and Niobrara basins,” the analysts went on to state.

“For the month of August, major tight oil basin drillers added three rigs vs July activity levels, while WTI averaged $76 per barrel. For September, we forecast an average flat rig count in the major tight oil basins before operators increase drilling activity by seven rigs during 4Q in order to complete FY24 drilling programs and increase activity into anticipated higher 2025 Henry Hub pricing,” the J.P. Morgan analysts continued.

In its previous rig count, which was published on August 23, Baker Hughes revealed that North America added one rig week on week. Although the U.S. dropped one rig week on week, Canada added two rigs during the same timeframe, that count revealed.

In its August 16 count, Baker Hughes revealed that North America dropped two rigs week on week. 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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