North America dropped one rig week on week, according to Baker Hughes’ latest rotary rig count, which was released on October 25.
The total U.S. rig count remained unchanged and the total Canada rig count dropped by one rig week on week, taking the total North America rig count down to 801, comprising 585 rigs from the U.S. and 216 rigs from Canada, Baker Hughes’ count outlined.
Of the total U.S. rig count of 585, 568 are classified as land rigs, 16 are categorized as offshore rigs, and one is classified as an inland water rig. The total U.S. rig count is made up of 480 oil rigs, 101 gas rigs, and four miscellaneous rigs, according to Baker Hughes, which showed that this total comprised 513 horizontal rigs, 54 directional rigs, and 18 vertical rigs.
Week on week, the U.S. added two land rigs and dropped two offshore rigs, while its inland water rig count remained unchanged, the count revealed. The country’s oil rig count dropped by two, its gas rig count increased by the same number, and its miscellaneous rig count remained unchanged during the period, the count highlighted. The directional and vertical rig counts in the U.S. each increased by one week on week, and the horizontal rig count dropped by two, the count showed.
A subcategory of major state variances in the Baker Hughes count showed that Louisiana dropped two rigs week on week and Pennsylvania dropped one rig during the same timeframe. Oklahoma, Ohio, and New Mexico were each shown to have added one rig week on week.
Canada’s total rig count of 216 is made up of 150 oil rigs and 66 gas rigs, Baker Hughes’ count revealed. The country dropped three oil rigs and added two gas rigs week on week, the count showed.
The total North America rig count is down 20 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 40 rigs during the period while Canada’s count increased by 20. The U.S. has cut 24 oil rigs and 16 gas rigs, while Canada has added 28 oil rigs, and cut eight gas rigs, year on year, the count revealed.
In a research note sent to Rigzone on Friday by the JPM Commodities Research team, J.P. Morgan analysts noted that “total U.S. oil and gas rigs remained flat at 585 this week, according to Baker Hughes”.
“Oil focused operators fell by two to 480 rigs, the first loss in three weeks. Natural gas focused rigs rose by two to 101 rigs, reversing last week’s loss,” they added.
“The rig count across the five major tight oil basins remained unchanged. Our basin level tracking indicates no movement, suggesting that the reported shift between oil and gas rigs likely stems from a classification adjustment,” the analysts continued.
“Throughout the reporting month, drillers averaged one rig fewer than in September, with the current count holding steady at the September exit level. As we conclude October’s reporting, the count in these key basins remains 11 rigs short of our year-end projections,” they said.
“Looking ahead, we anticipate most new additions will occur in the Permian, as producers aim to finalize their 2024 drilling programs,” the analysts went on to state.
In its previous rig count, which was published on October 18, Baker Hughes revealed that North America dropped three rigs week on week. The U.S. dropped one rig and Canada dropped two rigs week on week, that count showed. Baker Hughes’ October 11 rig count also revealed that North America dropped three rigs week on week.
Baker Hughes’ October 4 count showed that North America added three rigs week on week and its September 27 count revealed that North America added six rigs week on week.
The company’s September 20 rig count showed that North America dropped nine rigs week on week, its September 13 rig count showed that North America added six rigs week on week, its 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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