North America dropped 15 rigs week on week, in accordance with Baker Hughes’ newest North America rotary rig rely, which was launched on March 7.
The U.S. minimize one rig week on week, and Canada dropped 14 rigs throughout the identical interval, taking the entire North America rig rely all the way down to 826, comprising 592 rigs from the U.S. and 234 rigs from Canada, the rely outlined.
Of the entire U.S. rig rely of 592, 576 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 rely is made up of 486 oil rigs, 101 fuel rigs, and 5 miscellaneous rigs, in accordance with the rely, which revealed that the U.S. complete includes 531 horizontal rigs, 49 directional rigs, and 12 vertical rigs.
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Week on week, the U.S. land rig rely dropped by two, the nation’s offshore rig rely elevated by one, and its inland water rig rely remained unchanged, the rely highlighted. The U.S. fuel rig rely dropped by one, and its oil and miscellaneous rig counts remained unchanged, week on week, the rely confirmed. Baker Hughes’ rely revealed that the U.S. horizontal rig rely decreased by two week on week, whereas the nation’s directional rig rely elevated by one and its vertical rig rely remained unchanged in the course of the interval.
A significant state variances subcategory included within the rig rely confirmed that, week on week, Texas and Colorado every dropped one rig, and Wyoming added one rig. A significant basin variances subcategory included in Baker Hughes’ rig rely confirmed that the Haynesville basin dropped two rigs, the Granite Wash and the Permian basins every dropped one rig, and the Cana Woodford and Eagle Ford basins every added one rig, week on week.
Canada’s complete rig rely of 234 is made up of 170 oil rigs and 64 fuel rigs, Baker Hughes identified. The nation’s fuel rig rely dropped by seven week on week, as did its oil rig rely, the rely outlined. Canada’s miscellaneous rig rely remained unchanged in the course of the interval, Baker Hughes revealed.
The full North America rig rely is down 21 in comparison with yr in the past ranges, in accordance with Baker Hughes’ rely, which confirmed that the U.S. has minimize 30 rigs and Canada has added 9 rigs, yr on yr. The U.S. has dropped 18 oil rigs and 14 fuel rigs, and added two miscellaneous rigs, whereas Canada has added 29 oil rigs and minimize 20 fuel rigs, yr on yr, the rely revealed.
In a analysis be aware despatched to Rigzone by the JPM Commodities Analysis staff on Friday, analysts at J.P. Morgan famous that “complete U.S. oil and fuel rigs fell by one to 592 this week, in accordance with Baker Hughes”.
“Oil targeted operators remained flat at 486 rigs, after final week’s lack of two. Pure gas-focused rigs fell by one to 101 rigs, after final week’s acquire of two,” the analysts added.
“The rig rely within the 5 main tight oil basins – we use the EIA basin definition – remained flat at 464 rigs,” they went on to state.
“This week, the rig rely within the main tight oil basins held regular, with the Eagle Ford including one rig, the Permian dropping one, and all different areas remaining unchanged,” the J.P. Morgan analysts went on to state.
The analysts famous within the report that this marks the primary secure week for oil rigs in 2025, following a tumultuous begin to the yr.
“Initially, the rig rely dropped by ten rigs however rebounded by 14 by the tip of February,” the analysts stated within the report.
“These fluctuations had been largely because of chilly climate, and we don’t anticipate such important swings to persist … [Friday’s] rig rely is intently aligned with our estimates for March, and we count on drilling exercise to stay secure via the second quarter,” they added.
“Nevertheless, ranging from July, we undertaking a decline of 12 rigs by the year-end , in step with our 4Q25 WTI worth forecast of $65 per barrel,” they went on to state.
In its earlier rig rely, which was launched on February 28, Baker Hughes revealed North America added 5 rigs week on week. The U.S. added one rig week on week and Canada added 4 rigs throughout the identical interval, Baker Hughes outlined in that rely.
Baker Hughes’ February 21 rely revealed that North America added three rigs week on week, its February 14 rig rely confirmed that North America dropped two rigs week on week, and its January 31 rig rely confirmed that North America added 19 rigs week on week.
The corporate’s January 24 rig rely revealed that North America added 12 rigs week on week, its January 17 rely confirmed that North America added 9 rigs week on week, and its January 10 rig rely outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig rely revealed that North America dropped one rig week on week, its December 27 rig rely confirmed that North America dropped 71 rigs week on week, its December 20 rig rely revealed that North America misplaced 25 rigs week on week, its December 13 rig rely revealed that North America misplaced three rigs week on week, and its December 6 rig rely revealed that North America misplaced 4 rigs week on week. The corporate’s November 27 rely confirmed that North America’s complete rig rely elevated by three week on week.
Baker Hughes, which has issued rotary rig counts since 1944, describes the figures as an essential enterprise barometer for the drilling business and its suppliers. The corporate notes that working rig location info is offered partly by Enverus.
To contact the writer, e-mail andreas.exarheas@rigzone.com
