North America dropped three rigs week on week, in line with Baker Hughes’ newest rotary rig depend, which was revealed on October 11.
The U.S. added one rig and Canada dropped 4 rigs week on week, taking the entire North America rig depend right down to 805, comprising 586 rigs from the U.S. and 219 rigs from Canada, the depend outlined.
Of the entire U.S. rig depend of 586, 567 are categorized as land rigs, 18 are categorized as offshore rigs, and one is assessed as an inland water rig. The full U.S. rig depend is made up of 481 oil rigs, 101 fuel rigs, and 4 miscellaneous rigs, in line with Baker Hughes, which confirmed that this whole comprised 519 horizontal rigs, 55 directional rigs, and 12 vertical rigs.
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Week on week, the U.S. added one land rig, the depend revealed. The nation’s oil rig depend elevated by two, its fuel rig depend dropped by one, and its miscellaneous rig depend remained unchanged through the interval, the depend highlighted. The directional rig depend within the U.S. elevated by six week on week, whereas its horizontal rig depend dropped by three and its vertical rig depend dropped by two throughout the identical timeframe, the depend confirmed.
Texas added six rigs week on week and Oklahoma added one rig throughout that interval, the depend outlined. Louisiana, New Mexico, and Pennsylvania every dropped two rigs week on week, Baker Hughes highlighted.
Canada’s whole rig depend of 219 is made up of 154 oil rigs and 65 fuel rigs, Baker Hughes’ depend revealed. The nation added two fuel rigs and dropped three oil rigs and three miscellaneous rigs week on week, the depend confirmed.
The full North America rig depend is down 10 in comparison with 12 months in the past ranges, in line with Baker Hughes, which confirmed that the U.S. has reduce 36 rigs and Canada has added 26 rigs through the interval. The U.S. has dropped 20 oil rigs and 16 fuel rigs, whereas Canada has added 38 oil rigs, and dropped one miscellaneous rig and 11 fuel rigs, 12 months on 12 months, the depend outlined.
In a analysis observe despatched to Rigzone on Friday by the JPM Commodities Analysis workforce, J.P. Morgan analysts highlighted that “whole U.S. oil and fuel rigs rose by one to 586 this week”.
“Oil centered operators rose by two to 481 rigs, after final week’s lack of 5. Pure fuel–centered rigs fell by one to 101 rigs, after gaining six through the two weeks prior,” they added.
“The rig depend within the 5 main tight oil basins elevated by one. The Anadarko and Eagle Ford basins every noticed an addition of 1 rig, which was offset by a lack of one rig within the Niobrara basin, whereas all different basins remained unchanged,” the analysts continued.
“The general oil rig depend stayed comparatively secure throughout per week when WTI averaged slightly below $75. Though we don’t anticipate a sudden response from U.S. operators based mostly on two weeks of favorable pricing, a sustained interval by which costs align with our 4Q24 WTI value forecast of $76 is more likely to encourage extra rig reactivations by year-end,” the analysts went on to state.
Within the observe, the J.P. Morgan analysts stated they nonetheless foresee the potential for U.S. drillers so as to add 13 extra rigs by the top of the 12 months.
In its earlier rig depend, which was revealed on October 4, Baker Hughes revealed that North America added three rigs week on week. The U.S. reduce a complete of two rigs week on week and Canada added a complete of 5 rigs throughout the identical interval, that depend highlighted.
Baker Hughes’ September 27 depend revealed that North America added six rigs week on week, its September 20 rig depend revealed that North America dropped 9 rigs week on week, and its September 13 rig depend confirmed that North America added six rigs week on week.
The corporate’s September 6 rig depend revealed that North America dropped one rig week on week and its August 30 rig depend additionally confirmed that North America dropped one rig week on week.
Baker Hughes’ August 23 depend revealed that North America added one rig week on week, its August 16 depend revealed that North America dropped two rigs week on week, and its August 9 depend confirmed that North America’s rig depend stayed flat week on week.
Baker Hughes’ August 2 rig depend confirmed that North America added 5 rigs week on week, its July 26 depend confirmed that North America added 17 rigs week on week, its July 19 depend revealed North America added 10 rigs week on week, and its July 12 depend confirmed that North America added 13 rigs week on week.
The corporate’s July 5 depend revealed that North America added three rigs week on week, its June 28 depend additionally confirmed that North America added three rigs week on week, its June 21 rig depend revealed that North America added 4 rigs week on week, and its June 14 depend confirmed that North America added 13 rigs week on week.
Baker Hughes’ June 7 depend revealed that North America added 9 rigs week on week, its Might 31 depend confirmed that North America added eight rigs week on week, and its Might 24 rig depend highlighted 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, its Might 3 depend additionally confirmed that North America dropped six rigs week on week, its April 26 depend confirmed that North America dropped 15 rigs week on week, and its April 19 depend confirmed that North America reduce 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 reduce 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 reduce 43 rigs week on week, its March 15 depend confirmed that the area reduce 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 last 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 rotary rig counts to the petroleum business since 1944, describes the figures as an essential enterprise barometer for the drilling business and its suppliers. The corporate notes that working rig location data is offered partially by Enverus.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
