North America dropped eight rigs week on week, in accordance with Baker Hughes’ newest rotary rig rely, which was launched on November 15.
The U.S. minimize a complete of 1 rig and Canada minimize a complete of seven rigs week on week, pushing the entire North America rig rely all the way down to 784, comprising 584 rigs from the U.S. and 200 rigs from Canada, the most recent rely outlined.
Of the entire U.S. rig rely of 584, 568 are categorized as land rigs, 14 are categorized as offshore rigs, and two are categorized as inland water rigs. This whole rig rely is made up of 478 oil rigs, 101 fuel rigs, and 5 miscellaneous rigs, in accordance with the rely, which highlights that the entire contains 520 horizontal rigs, 48 directional rigs, and 16 vertical rigs.
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Week on week, the U.S. minimize one land rig, whereas its inland water and offshore rig counts remained unchanged, and its oil and fuel rig counts dropped by one rig every, whereas its miscellaneous rig rely elevated by one, the rely confirmed. The U.S. directional rig rely dropped by one week on week, whereas its horizontal and vertical rig counts remained unchanged throughout the interval, the rely revealed.
New Mexico was proven within the rely to have added two rigs week on week and Pennsylvania was proven to have added one rig. Texas dropped two rigs week on week, whereas Oklahoma and Utah every minimize one rig, the rely outlined.
Canada’s whole rig rely of 200 is made up of 137 oil rigs and 63 fuel rigs, Baker Hughes’ rely revealed. The nation minimize 5 oil rigs and two fuel rigs week on week, the rely confirmed.
The entire North America rig rely is down 30 rigs in comparison with yr in the past ranges, in accordance with Baker Hughes, which outlined that the U.S. has pushed this decline, chopping 34 rigs throughout the interval whereas Canada’s rely elevated by 4. The U.S. has minimize 22 oil rigs and 13 fuel rigs, whereas its miscellaneous rely elevated by one, and Canada has added 14 oil rigs, and minimize 10 fuel rigs, whereas its miscellaneous rig rely remained unchanged, yr on yr, the rely revealed.
In a analysis word despatched to Rigzone on Friday by the JPM Commodities Analysis staff, J.P. Morgan analysts highlighted that “whole U.S. oil and fuel rigs fell by one to 584 this week, in accordance with Baker Hughes”.
“Oil targeted operators fell by one to 478 rigs, after final week’s flat rely. Pure fuel targeted rigs fell by one to 101 rigs, after final week’s flat rely,” they added.
“The rig rely within the main tight oil basins held regular, exhibiting no modifications throughout any of the areas. That is solely the second occasion this yr of such stability, with each occurrences occurring inside the previous 4 weeks,” they continued.
Within the word, the J.P. Morgan analysts acknowledged that since July, the rig rely has been comparatively stagnant, “suggesting that the year-end whole might fall barely in need of our preliminary expectations”.
“Though the present shortfall from our year-end forecast is simply 13 rigs, we stay assured that the drilling exercise earlier within the yr has supplied sufficient wells for completion crews to complete their work by yr’s finish, permitting us to fulfill our December exit goal of 13.55 million barrels per day,” they added.
In its earlier rig rely, which was launched on November 8, Baker Hughes revealed that North America dropped six rigs week on week. The entire U.S. rig rely remained unchanged and the entire Canada rig rely dropped by six week on week, that rely outlined.
Baker Hughes’ November 1 rely confirmed that North America dropped three rigs week on week, its October 25 rely revealed that North America dropped one rig week on week, its October 18 rely confirmed that North America dropped three rigs week on week, and its October 11 rig rely additionally revealed that North America dropped three rigs week on week.
Baker Hughes’ October 4 rely confirmed that North America added three rigs week on week and its September 27 rely revealed that North America added six rigs week on week.
The corporate’s September 20 rig rely confirmed that North America dropped 9 rigs week on week, its September 13 rig rely confirmed that North America added six rigs week on week, its September 6 rig rely revealed that North America dropped one rig week on week, and its August 30 rig rely additionally confirmed that North America dropped one rig week on week.
Baker Hughes’ August 23 rely revealed that North America added one rig week on week, its August 16 rely revealed that North America dropped two rigs week on week, and its August 9 rely confirmed that North America’s rig rely stayed flat week on week.
Baker Hughes’ August 2 rig rely confirmed that North America added 5 rigs week on week, its July 26 rely confirmed that North America added 17 rigs week on week, its July 19 rely revealed North America added 10 rigs week on week, and its July 12 rely confirmed that North America added 13 rigs week on week.
The corporate’s July 5 rely revealed that North America added three rigs week on week, its June 28 rely additionally confirmed that North America added three rigs week on week, its June 21 rig rely revealed that North America added 4 rigs week on week, and its June 14 rely confirmed that North America added 13 rigs week on week.
Baker Hughes’ June 7 rely revealed that North America added 9 rigs week on week, its Might 31 rely confirmed that North America added eight rigs week on week, and its Might 24 rig rely highlighted that North America added two rigs week on week.
The corporate’s Might 17 rely revealed that North America dropped one rig week on week, its Might 10 rely confirmed that North America dropped six rigs week on week, its Might 3 rely additionally confirmed that North America dropped six rigs week on week, its April 26 rely confirmed that North America dropped 15 rigs week on week, and its April 19 rely confirmed that North America minimize 12 rigs week on week.
Baker Hughes’ April 12 rely revealed that North America added two rigs week on week, and its April 5 rely confirmed that North America minimize 16 rigs week on week.
The corporate’s March 28 rely revealed that North America dropped 21 rigs week on week, its March 22 rely confirmed that the area minimize 43 rigs week on week, its March 15 rely confirmed that the area minimize 11 rigs week on week, and its March 8 rig rely confirmed that North America dropped 13 rigs week on week.
Baker Hughes’ March 1 rig rely revealed that North America added three rigs week on week, its February 23 rig rely confirmed that North America added two rigs week on week, and its February 16 rely confirmed that North America’s rig rely remained unchanged week on week.
The corporate’s February 9 rig rely revealed that North America elevated its rig rely by 4 rigs week on week, its February 2 rely confirmed that North America’s rig rely stayed flat week on week, and its January 26 rig rely confirmed that North America elevated its rig rely by eight rigs week on week.
Baker Hughes’ January 19 rely revealed that North America elevated its rig rely by 11 rigs week on week, its January 12 rig rely confirmed that North America elevated its rig rely by 86 rigs week on week, and its January 5 rig rely, which marked the corporate’s first rotary rig rely of 2024, confirmed that North America added 38 rigs week on week.
The corporate’s ultimate rotary rig rely of 2023 confirmed a notable week on week and yr on yr drop for North America. The area’s rig rely decreased by 58 week on week and by 155 yr on yr, in accordance with that rely, which was launched on December 29.
Baker Hughes, which has issued rotary rig counts to the petroleum trade since 1944, describes the figures as an necessary enterprise barometer for the drilling trade and its suppliers. The corporate notes that working rig location data is supplied partly by Enverus.
To contact the creator, e-mail andreas.exarheas@rigzone.com
