North America dropped 16 rigs week on week, in line with Baker Hughes’ newest North America rotary rig depend, which was revealed on October 31.
The full U.S. rig depend decreased by 4 week on week and the entire Canada rig depend dropped by 12 throughout the identical interval, taking the entire North America rig depend right down to 733, comprising 546 rigs from the U.S. and 187 rigs from Canada, the depend outlined.
Of the entire U.S. rig depend of 546, 525 rigs are categorized as land rigs, 19 are categorized as offshore rigs, and two are categorized as inland water rigs. The full U.S. rig depend is made up of 414 oil rigs, 125 fuel rigs, and 7 miscellaneous rigs, in line with Baker Hughes’ depend, which revealed that the U.S. whole includes 478 horizontal rigs, 57 directional rigs, and 11 vertical rigs.
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Week on week, the U.S. offshore and land rig counts every dropped by two, and its inland water rig depend remained unchanged, Baker Hughes highlighted. The U.S. oil rig depend dropped by six week on week, its miscellaneous rig depend dropped by two, and its fuel rig depend rose by 4, the depend confirmed. The U.S. horizontal rig depend dropped by seven week on week, whereas its vertical rig depend dropped by one and its directional rig depend elevated by 4, the depend revealed.
A serious state variances subcategory included within the rig depend confirmed that, week on week, Texas, Wyoming, and Colorado every dropped one rig and Louisiana, New Mexico, and North Dakota every added one rig. A serious state variances subcategory included within the rig depend confirmed that, week on week, the DJ-Niobrara and Haynesville basins every dropped one rig and the Barnett and Permian basins every added one rig.
Canada’s whole rig depend of 187 is made up of 127 oil rigs and 60 fuel rigs, Baker Hughes identified. Week on week, the nation’s oil rig depend dropped by 11 and its fuel rig depend decreased by one, the depend revealed.
The full North America rig depend is down 65 rigs in comparison with yr in the past ranges, in line with Baker Hughes’ depend, which confirmed that the U.S. has minimize 39 rigs and Canada has minimize 26 rigs, yr on yr. The U.S. has dropped 65 oil rigs and added 23 fuel rigs and three miscellaneous rigs, whereas Canada has dropped 19 oil rigs and 7 fuel rigs, yr on yr, the depend outlined.
In a analysis observe despatched to Rigzone by the JPM Commodities Analysis workforce on Friday, analysts at J.P. Morgan famous that “whole U.S. oil and fuel rigs decreased by 4 this week to 550, in line with Baker Hughes”.
“Oil targeted rigs decreased by six to 414, after growing by two rigs the earlier week. In the meantime, pure fuel targeted rigs rose by 4 to 121, following an unchanged depend final week,” the analysts mentioned within the observe.
“The rig depend within the 5 main tight oil basins – we use the EIA [U.S. Energy Information Administration] basin definition – decreased by two to 397 rigs, whereas the rig depend within the two main tight fuel basins decreased by one to 81 rigs. Miscellaneous rigs additionally decreased by two to seven rigs,” they added.
The analysts highlighted within the observe that, in line with the most recent EIA knowledge, U.S. crude and condensate manufacturing reached a brand new document of 13.794 million barrels per day in August, “rising 383,000 barrels per day yr on yr and 86,000 barrels per day month on month”.
“Together with NGLs, manufacturing surged by 956,000 barrels per day yr over yr,” the analysts mentioned within the observe.
An information web page on the EIA web site displaying month-to-month U.S. discipline manufacturing of crude oil, which was final up to date on October 31 and included knowledge from January 1920 to August 2025, confirmed that month-to-month U.S. discipline manufacturing of crude oil averaged 13.794 million barrels per day in August. That’s the highest determine within the knowledge set, with the second highest coming in July, at 13.708 million barrels per day.
“We had anticipated manufacturing to common 13.733 million barrels per day, with the same month-to-month improve, however the EIA revised June and July knowledge up by about 60,000 barrels per day, leaving our forecast directionally constant however barely decrease in absolute phrases,” the J.P. Morgan analysts mentioned within the analysis observe.
“What continues to face out is the Permian Basin, the place output rose by practically 400,000 barrels per day yr on yr in August, although month-on-month progress has began to sluggish,” they added.
“The Gulf of America stays one other key driver, posting 139,000 barrels per day yr on yr progress, whereas Appalachia additionally confirmed regular features of 55,000 barrels per day yr on yr. Different producing areas had been both flat or barely damaging,” they continued.
The analysts went on to state within the observe that, following these upward revisions, official knowledge now present that U.S. crude manufacturing elevated by 322,000 barrels per day yr on yr in January-August.
“Primarily based on our estimates, progress in September doubtless accelerated to round 600,000 barrels per day yr on yr, which might carry the yr thus far acquire to 358,000 barrels per day yr on yr – achieved at a mean WTI worth of $66.7 per barrel, in contrast with 331,000 barrels per day yr on yr at $77.5 per barrel for a similar interval of 2024,” they mentioned.
“In different phrases, output progress has strengthened whilst costs fell by roughly $10 per barrel,” they highlighted.
The J.P. Morgan analysts went on to state within the report that they count on manufacturing to edge larger in September, “adopted by a modest decline beginning in October, reflecting the latest downturn in drilling exercise”.
“On an annual foundation, progress will stay substantial, however the August degree of 13.8 million barrels per day doubtless marks the height for 2025, with little upside past this degree given the rig contraction,” they mentioned.
“However, we now have revised our 2025 U.S. manufacturing progress forecast as much as 330,000 barrels per day (from 280,000 barrels per day), pushed by continued resilience within the Permian Basin and elevated volumes from the Gulf of America,” they added.
“For 2026, our outlook stays largely unchanged, with crude and condensate progress of round 110,000 barrels per day, primarily from the identical two areas,” they J.P. Morgan analysts continued.
In its earlier rig depend, which was launched on October 24, Baker Hughes revealed that North America added three rigs week on week. The full U.S. rig depend elevated by two week on week and the entire Canada rig depend elevated by one throughout the identical interval, that depend confirmed.
Baker Hughes’ October 17 depend revealed that North America added six rigs week on week, its October 10 rig depend confirmed that North America added one rig week on week, and its October 3 depend revealed that North America’s rig depend remained unchanged week on week.
The corporate’s September 26 rig depend revealed that North America added eight rigs week on week, its September 19 rig depend revealed that North America added six rigs week on week, its September 12 rig depend confirmed that North America added seven rigs week on week, and its September 5 rig depend additionally revealed that North America added seven rigs week on week.
In its August 29 rig depend, Baker Hughes confirmed that North America minimize seven rigs week on week. The corporate’s August 22 rig depend confirmed that North America minimize 4 rigs week on week, its August 15 rig depend revealed that North America added three rigs week on week, and its August 8 rig depend revealed that North America added two rigs week on week.
Baker Hughes’ August 1 rig depend confirmed that North America dropped seven rigs week on week, its July 25 rig depend revealed that North America added eight rigs week on week, its July 18 depend confirmed that North America added 17 rigs week on week, its July 11 rig depend confirmed that North America added 9 rigs week on week, and its July 3 depend highlighted that North America added three rigs week on week.
In its June 27 rig depend, Baker Hughes revealed that North America dropped six rigs week on week. The corporate’s June 20 rig depend confirmed that the entire North America rig depend remained unchanged week on week, its June 13 rig depend confirmed that North America added 20 rigs week on week, and its June 6 rig depend confirmed that North America minimize two rigs week on week.
Baker Hughes’ Might 30 rig depend revealed that North America dropped 5 rigs week on week, its Might 23 depend confirmed that North America dropped 17 rigs week on week, and its Might 16 rig depend confirmed that North America added 5 rigs week on week. The corporate’s Might 9 rig depend revealed that North America minimize 12 rigs week on week, its Might 2 depend revealed that North America dropped 11 rigs week on week, and its April 25 depend confirmed 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 minimize 22 rigs week on week, the corporate’s April 4 rig depend confirmed that North America minimize 12 rigs week on week, its March 28 depend revealed that North America minimize 18 rigs week on week, and its March 21 rig depend additionally revealed that North America minimize 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 minimize 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 states on its web site that it has issued rig counts as a service to the petroleum business since 1944, when Baker Hughes Software Firm started weekly counts of U.S. and Canadian drilling exercise. On its web site, the corporate describes the figures as “an essential enterprise barometer for the drilling business and its suppliers”. The corporate notes on its web site that working rig location data is supplied partly by Enverus.
To contact the creator, e mail andreas.exarheas@rigzone.com
