North America added 13 rigs week on week, in line with Baker Hughes’ newest rotary rig depend, which was printed on June 14.
Though the U.S. dropped 4 rigs week on week, Canada added 17 rigs throughout the identical interval, taking the entire North America rig depend as much as 750, comprising 590 rigs from the U.S. and 160 rigs from Canada, the depend outlined.
Of the entire U.S. rig depend of 590, 569 are categorized as land rigs and 21 are categorized as offshore rigs. The nation has 488 oil rigs, 98 fuel rigs, and 4 miscellaneous rigs, in line with the Baker Hughes depend, which confirmed that the nation has 527 horizontal rigs, 43 directional rigs, and 20 vertical rigs.
Week on week, the U.S. dropped three land rigs and one offshore rig, Baker Hughes revealed. The nation minimize 4 oil rigs week on week and its horizontal rig depend dropped by 4 throughout the identical interval, the depend highlighted. Louisiana and Texas every dropped two rigs week on week, whereas Oklahoma dropped one rig and New Mexico added one rig, the depend outlined.
Canada’s whole rig depend of 160 is made up of 104 oil rigs, 55 fuel rigs, and one miscellaneous rig, the depend revealed. The nation added 15 oil rigs, one fuel rig, and one miscellaneous rig week on week, the depend confirmed.
The full North America rig depend is down 96 in comparison with 12 months in the past ranges, in line with Baker Hughes, which highlighted that the U.S. has pushed this decline, reducing 97 rigs through the interval whereas Canada’s depend elevated by one. The U.S. has minimize 64 oil rigs and 32 fuel rigs, and one miscellaneous rig, whereas Canada has added one oil rig and one miscellaneous rig, and dropped one fuel rig, 12 months on 12 months, the rig depend revealed.
In a report despatched to Rigzone by Commonplace Chartered Financial institution Commodities Analysis Head Paul Horsnell on June 18, which referred to Baker Hughes’ June 14 rig depend, analysts on the financial institution, together with Horsnell, mentioned, “the U.S. oil rig depend fell by 4 week on week to a 29-month low of 488, in line with the most recent Baker-Hughes survey”.
“The final time exercise was decrease was within the first week of 2022. The 12 months on 12 months decline stands at 64 rigs (11.6 %) whereas the cumulative fall since November 2022’s post-pandemic excessive is 139 rigs (22.2 %),” they added.
“Texas accounts for 51 of the 64-rig 12 months on 12 months decline in oil drilling, with a 21-rig decline within the state’s a part of the Delaware Basin, a 15-rig decline within the Midland Basin, and an 11-rig decline in Eagle Ford. The U.S. fuel depend was unchanged week on week at its 33-month low of 98,” they continued.
In its earlier rig depend, which was launched on June 7, Baker Hughes confirmed that North America added 9 rigs week on week. Though the U.S. dropped six rigs week on week, Canada added 15 throughout the identical time-frame, that depend confirmed.
Baker Hughes’ Might 31 depend confirmed that North America added eight rigs week on week and its Might 24 rig depend confirmed that North America added two rigs week on week.
The corporate’s Might 17 depend revealed that North America dropped one rig week on week, its Might 10 depend confirmed that North America dropped six rigs week on week, and its Might 3 depend additionally confirmed that North America dropped six rigs week on week. The corporate’s April 26 depend confirmed that North America dropped 15 rigs week on week and its April 19 depend confirmed that North America minimize 12 rigs week on week.
Baker Hughes’ April 12 depend revealed that North America added two rigs week on week, and its April 5 depend confirmed that North America minimize 16 rigs week on week.
The corporate’s March 28 depend revealed that North America dropped 21 rigs week on week, its March 22 depend confirmed that the area minimize 43 rigs week on week, its March 15 depend confirmed that the area minimize 11 rigs week on week, and its March 8 rig depend confirmed that North America dropped 13 rigs week on week.
Baker Hughes’ March 1 rig depend revealed that North America added three rigs week on week, its February 23 rig depend confirmed that North America added two rigs week on week, and its February 16 depend confirmed that North America’s rig depend remained unchanged week on week.
The corporate’s February 9 rig depend revealed that North America elevated its rig depend by 4 rigs week on week, its February 2 depend confirmed that North America’s rig depend stayed flat week on week, and its January 26 rig depend confirmed that North America elevated its rig depend by eight rigs week on week.
Baker Hughes’ January 19 depend revealed that North America elevated its rig depend by 11 rigs week on week, its January 12 rig depend confirmed that North America elevated its rig depend by 86 rigs week on week, and its January 5 rig depend, which marked the corporate’s first rotary rig depend of 2024, confirmed that North America added 38 rigs week on week.
The corporate’s closing rotary rig depend of 2023 confirmed a notable week on week and 12 months on 12 months drop for North America. The area’s rig depend decreased by 58 week on week and by 155 12 months on 12 months, in line with that depend, which was launched on December 29.
Baker Hughes, which has issued the rotary rig counts to the petroleum trade since 1944, describes the figures as an essential enterprise barometer for the drilling trade and its suppliers. The corporate obtains its working rig location data partially from Enverus.
To contact the writer, e-mail andreas.exarheas@rigzone.com