North America dropped two rigs week on week, in keeping with Baker Hughes’ newest North America rotary rig depend, which was launched on February 14.
Though the U.S. added two rigs week on week, Canada dropped 4 rigs throughout the identical interval, taking the entire North America rig depend all the way down to 833, comprising 588 rigs from the U.S. and 245 rigs from Canada, the depend outlined.
Of the entire U.S. rig depend of 588, 572 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and two are categorized as inland water rigs. The full U.S. rig depend is made up of 481 oil rigs, 101 gasoline rigs, and 6 miscellaneous rigs, in keeping with the depend, which revealed that the U.S. complete contains 524 horizontal rigs, 51 directional rigs, and 13 vertical rigs.
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Week on week, the U.S. land rig depend elevated by two, and the nation’s offshore and inland water rig counts remained unchanged, the depend highlighted. The U.S. oil and gasoline rig counts every elevated by one week on week, and the nation’s miscellaneous rig depend remained unchanged throughout the identical timeframe, the depend confirmed. Baker Hughes’ depend revealed that the U.S. horizontal and directional rig counts every elevated by one week on week, whereas the nation’s vertical rig depend remained unchanged in the course of the interval.
A significant state variances subcategory included within the rig depend confirmed that, week on week, Texas added two rigs, and Oklahoma and Utah every added one rig. Louisiana and North Dakota every dropped one rig week on week, in keeping with the depend.
A significant basin variances subcategory included in Baker Hughes’ rig depend confirmed that the Granite Wash and Permian basins every added one rig and the Williston basin dropped one rig, week on week.
Canada’s complete rig depend of 245 is made up of 174 oil rigs and 71 gasoline rigs, Baker Hughes identified. The nation’s oil rig depend dropped by three week on week and its gasoline rig depend dropped by one week on week. The nation’s miscellaneous rig depend remained unchanged one week on week, the depend confirmed.
The full North America rig depend is down 22 in comparison with 12 months in the past ranges, in keeping with Baker Hughes’ depend, which confirmed that the U.S. has lower 33 rigs and Canada has added 11 rigs, 12 months on 12 months. The U.S. has dropped 20 gasoline rigs and 16 oil rigs, and added three miscellaneous rigs, whereas Canada has added 30 oil rigs and lower 19 gasoline rigs, 12 months on 12 months, the depend revealed.
In a analysis notice despatched to Rigzone by the JPM Commodities Analysis workforce on Friday, analysts at J.P. Morgan mentioned, “complete U.S. oil and gasoline rigs rose by two to 588 this week”, including that “oil-focused operators rose by one to 481 rigs, a 3rd consecutive weekly acquire” and that “pure gas-focused rigs rose by one to 101 rigs, including to final week’s acquire”.
“This week, the rig depend within the main tight oil basins noticed a modest enhance, with a internet acquire of 1 rig. The Permian and Anadarko basins every added a rig, whereas the Bakken skilled a slight decline, dropping one rig,” the J.P. Morgan analysts acknowledged within the analysis notice.
“All different areas remained steady over the week. Regardless of a drop of ten rigs in January as a result of harsh winter circumstances affecting many oil-producing areas, the rig depend within the main tight oil basins has now rebounded to ranges seen at first of the 12 months,” they added.
“Presently, the depend is simply three rigs shy of our February forecast. We anticipate a continued restoration within the coming weeks, with a majority of the additions anticipated within the Permian basin,” they continued.
“In 2025, we proceed to mission an addition of solely three rigs and a rise in U.S. crude and condensate manufacturing of 350,000 barrels per day,” they went on to state.
In its earlier rig depend, which was launched on February 7, Baker Hughes revealed that North America dropped 5 rigs week on week. Though the U.S. added 4 rigs week on week, Canada lower 9 rigs throughout the identical interval, that depend outlined.
Baker Hughes’ January 31 rig depend confirmed that North America added 19 rigs week on week, its January 24 rig depend revealed that North America added 12 rigs week on week, its January 17 depend confirmed that North America added 9 rigs week on week, and its January 10 rig depend outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig depend revealed that North America dropped one rig week on week, its December 27 rig depend confirmed that North America dropped 71 rigs week on week, its December 20 rig depend revealed that North America misplaced 25 rigs week on week, its December 13 rig depend revealed that North America misplaced three rigs week on week, and its December 6 rig depend revealed that North America misplaced 4 rigs week on week. The corporate’s November 27 depend confirmed that North America’s complete rig depend elevated by three week on week.
Baker Hughes, which has issued rotary rig counts since 1944, describes the figures as an necessary enterprise barometer for the drilling trade and its suppliers. The corporate notes that working rig location info is supplied partly by Enverus.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
