North America Stops Rig Losses

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North America added one rig week on week, according to Baker Hughes’ latest rotary rig count, which was published on August 23.

Although the U.S. dropped one rig week on week, Canada added two rigs during the same timeframe, taking North America’s total rig count up to 804, comprising 585 rigs from the U.S. and 219 rigs from Canada, the count outlined.

Of the total U.S. rig count of 585, 566 rigs are categorized as land rigs and 19 rigs are categorized as offshore rigs. The total U.S. rig count is made up of 483 oil rigs, 97 gas rigs, and five miscellaneous rigs, the count revealed. It also showed that the total U.S. rig count comprises 524 horizontal rigs, 47 directional rigs, and 14 vertical rigs.

Week on week, the U.S. dropped one land rig and its gas rig count decreased by the same amount, the count highlighted. The country added three horizontal rigs, and dropped three vertical rigs and one directional rig, week on week, the count revealed.

Louisiana, Oklahoma, and Texas each added one rig week on week, while North Dakota dropped two rigs, and New Mexico and Utah each cut one rig, during the same period, Baker Hughes outlined.

Of Canada’s total rig count of 219, 153 are categorized as oil rigs and 66 are categorized as gas rigs. The country added two oil rigs week on week, Baker Hughes revealed.

The total North America rig count is down 18 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 47 rigs during the period while Canada’s count increased by 29. The U.S. has cut 29 oil rigs and 18 gas rigs while Canada has added 37 oil rigs and cut eight 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 one to 585 rigs this week”.

“Oil-focused operators remained flat at 483 rigs, after last week’s loss of two … Natural gas–focused rigs fell by one to 97 rigs, countering last week’s gain,” they added.

The analysts stated in the report that “the rig count in the five major tight oil basins rose by a net three rigs as Permian and Anadarko basins gained three rigs each while the Bakken lost two and the Eagle Ford lost one”.

“The addition of three rigs in each the Permian and the Anadarko basins tie for the largest inter-basin weekly gain observed so far this year,” they added.

“While we do not anticipate a significant recovery in drilling activity over the remainder of the year, this week’s gain of three rigs puts the count in the major tight oil basins five rigs above the current 2024 low, which was observed last month,” they went on to state.

The analysts noted in the report that they project another seven rig additions between now and the end of the year.

In its previous rig count, which was published on August 16, Baker Hughes revealed that North America dropped two rigs week on week. The U.S. cut two rigs during the period, while Canada’s rig count remained unchanged week on week, that count showed.

Baker Hughes’ August 9 count revealed that North America’s rig count stayed flat week on week.

The company’s 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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