North America lower two rigs week on week, in accordance with Baker Hughes’ newest North America rotary rig depend, which was printed on June 6.
The U.S. dropped 4 rigs week on week, whereas Canada added two rigs throughout the identical timeframe, taking the overall North America rig depend right down to 673, comprising 559 rigs from the U.S. and 114 rigs from Canada, the depend outlined.
Of the overall U.S. rig depend of 559, 544 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. The full U.S. rig depend is made up of 442 oil rigs, 114 fuel rigs, and three miscellaneous rigs, in accordance with Baker Hughes’ depend, which revealed that the U.S. complete includes 505 horizontal rigs, 41 directional rigs, and 13 vertical rigs.
- Advertisement -
Week on week, the U.S. land rig depend diminished by 4, and its offshore rig depend and inland water rig depend remained unchanged, the depend highlighted. The nation’s oil rig depend dropped by 9, its fuel rig depend elevated by 5, and its miscellaneous rig depend remained unchanged, week on week, the depend confirmed. The U.S. horizontal rig depend dropped by three week on week, its directional rig depend decreased by one week on week, and its vertical rig depend remained unchanged throughout the identical timeframe, the depend revealed.
A serious state variances subcategory included within the rig depend confirmed that, week on week, Oklahoma and Texas every dropped two rigs, Utah dropped one rig, and Louisiana added one rig. A serious basin variances subcategory included in Baker Hughes’ rig depend confirmed that, week on week, the Eagle Ford and Permian basins every dropped three rigs, the Granite Wash basin dropped one rig, and the Cana Woodford and Haynesville basins every added two rigs.
Canada’s complete rig depend of 114 is made up of 69 oil rigs and 45 fuel rigs, Baker Hughes identified. The nation’s oil rig depend remained unchanged week on week and its fuel rig depend elevated by two in the course of the interval, the depend revealed.
The full North America rig depend is down by 64 rigs in comparison with yr in the past ranges, in accordance with Baker Hughes’ depend, which confirmed that the U.S. has lower 35 rigs and Canada has lower 29 rigs, yr on yr. The U.S. has dropped 50 oil rigs and one miscellaneous rig, and added 16 fuel rigs, whereas Canada has dropped 20 oil rigs and 9 fuel rigs, yr on yr, the depend outlined.
In a analysis observe despatched to Rigzone by the JPM Commodities Analysis crew on Saturday, J.P. Morgan analysts highlighted that “complete U.S. oil and fuel rigs decreased by 4 to 559 this week, in accordance with Baker Hughes”.
“Oil targeted rigs decreased by 9 to 442 rigs, after shedding 4 rigs final week. Pure fuel targeted rigs elevated by 5 to 114 rigs, following a rise of 1 rig week over week final week,” they added.
“The rig depend within the 5 main tight oil basins – we use the EIA [U.S. Energy Information Administration] basin definition – decreased by 6 to 427 rigs. The rig depend in two main tight fuel basins elevated by two rigs,” they continued.
Within the analysis observe, the J.P. Morgan analysts acknowledged that “the downward development in U.S. rig exercise persists, quickly turning into the brand new norm”.
“This week, the overall variety of oil rigs decreased by 9, with three rigs misplaced in each the Permian and Eagle Ford. The Anadarko basin additionally skilled a notable drop of two rigs -the first decline since early April,” they added.
The analysts warned within the observe that the tempo of rig attrition within the Permian is now surpassing their earlier projections.
“Whereas we initially anticipated rig counts within the basin to succeed in 275 by the tip of June (a drop of seven from Could), this stage has already been achieved within the first week of the month,” they mentioned within the observe.
“Consequently, we’ve revised down our 2025 Permian crude and condensate output by 8,000 barrels per day. For different tight oil basins, present rig developments stay largely consistent with expectations,” they added.
“Permian stays nearly the one main U.S. basin nonetheless exhibiting manufacturing development, supported by the bottom breakeven prices. In the meantime, the Bakken continues to expertise important declines,” they continued.
“The rig depend throughout main fuel basins elevated by two with the Haynesville including two rigs whereas the depend in Marcellus/Utica remained unchanged at 35 rigs,” the analysts went on to state within the analysis observe.
Rigzone has contacted the U.S. Division of Power (DOE) and the American Petroleum Institute (API) for touch upon J.P. Morgan’s analysis observe. On the time of writing, neither have responded to Rigzone.
In its earlier rig depend, which was launched on Could 30, Baker Hughes confirmed that North America dropped 5 rigs week on week. The full U.S. rig depend dropped by three and the overall Canada rig depend dropped by two week on week, that depend outlined.
Baker Hughes’ Could 23 depend confirmed that North America dropped 17 rigs week on week and the corporate’s Could 16 rig depend confirmed that North America added 5 rigs week on week.
Baker Hughes’ Could 9 rig depend revealed that North America lower 12 rigs week on week, its Could 2 depend revealed that North America dropped 11 rigs week on week, and its April 25 depend revealed that North America dropped 4 rigs week on week.
Baker Hughes’ April 17 depend confirmed that North America dropped two rigs week on week, its April 11 rig depend revealed that North America lower 22 rigs week on week, the corporate’s April 4 rig depend confirmed that North America lower 12 rigs week on week, its March 28 depend revealed that North America lower 18 rigs week on week, and its March 21 rig depend additionally revealed that North America lower 18 rigs week on week. Baker Hughes’ March 14 depend confirmed that North America dropped 35 rigs week on week and its March 7 rig depend revealed North America lower 15 rigs week on week.
In its February 28 rig depend, Baker Hughes confirmed that North America added 5 rigs week on week. Its February 21 depend revealed that North America added three rigs week on week, its February 14 rig depend confirmed that North America dropped two rigs week on week, and its January 31 rig depend confirmed that North America added 19 rigs week on week.
The corporate’s 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 and its December 27 rig depend confirmed that North America dropped 71 rigs week on week.
Baker Hughes, which has issued rotary rig counts since 1944, describes the figures as an essential enterprise barometer for the drilling trade and its suppliers. The corporate notes that working rig location data is offered partly by Enverus.
To contact the creator, e mail andreas.exarheas@rigzone.com
