North America lower three rigs week on week, based on Baker Hughes’ newest rotary rig depend, which was revealed on October 18.
The U.S. dropped one rig and Canada dropped two rigs week on week, taking the full North America rig depend right down to 802, comprising 585 rigs from the U.S. and 217 rigs from Canada, the depend outlined.
Of the full U.S. rig depend of 585, 566 are categorised as land rigs, 18 are categorized as offshore rigs, and one is classed as an inland water rig. The whole U.S. rig depend is made up of 482 oil rigs, 99 fuel rigs, and 4 miscellaneous rigs, based on Baker Hughes, which confirmed that this whole comprised 515 horizontal rigs, 53 directional rigs, and 17 vertical rigs.
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Week on week, the U.S. lower one land rig, whereas its inland water and offshore rig depend remained unchanged, the depend revealed. The nation’s oil rig depend elevated by one, its fuel rig depend dropped by two, and its miscellaneous rig depend stayed the identical throughout the interval, the depend highlighted. The directional rig depend within the U.S. decreased by two week on week, the horizontal rig depend decreased by 4, and the vertical rig depend elevated by 5, the depend confirmed.
A subcategory of main state variances within the Baker Hughes depend confirmed that Texas dropped two rigs week on week, whereas Oklahoma and Colorado every added one rig throughout the identical timeframe.
Canada’s whole rig depend of 217 is made up of 153 oil rigs and 64 fuel rigs, Baker Hughes’ depend revealed. The nation dropped one fuel rig and one oil rig week on week, the depend confirmed.
The whole North America rig depend is down 20 in comparison with 12 months in the past ranges, based on Baker Hughes, which outlined that the U.S. has pushed this decline, chopping 39 rigs throughout the interval whereas Canada’s depend elevated by 19. The U.S. has lower 20 oil rigs and 19 fuel rigs, whereas Canada has added 32 oil rigs, and lower 13 fuel rigs, 12 months on 12 months, the depend revealed.
In a analysis notice despatched to Rigzone on Friday by the JPM Commodities Analysis workforce, J.P. Morgan analysts highlighted that “whole U.S. oil and fuel rigs fell by one to 585 this week, based on Baker Hughes”.
“Oil targeted operators rose by one to 482 rigs, following final week’s acquire of two. Pure gas- targeted rigs fell by two to 99 rigs, because the energetic depend slips again beneath the 100 rig mark,” they added.
“The rig depend within the 5 main tight oil basins elevated by two. The Anadarko and Niobrara basins every gained one rig whereas all different areas remained unchanged. During the last three weeks, the depend within the Permian has held regular at 304 rigs, only one above its 2024 low of 303 rigs,” they continued.
“Because the Permian Basin continues to drive total U.S. shale progress, we anticipate third quarter 2024 earnings and fourth quarter steering from public U.S. producers within the coming weeks. Until there are vital shifts in ahead steering sentiment, we keep our expectation that main tight oil producers will add 11 extra rigs by year-end, primarily pushed by additions within the Permian,” they went on to state.
In its earlier rig depend, which was revealed on October 11, Baker Hughes additionally revealed that North America dropped three rigs week on week. The U.S. added one rig and Canada dropped 4 rigs week on week, that depend outlined.
Baker Hughes’ October 4 depend confirmed that North America added three rigs week on week and its September 27 depend revealed that North America added six rigs week on week.
The corporate’s September 20 rig depend confirmed that North America dropped 9 rigs week on week, its September 13 rig depend confirmed that North America added six rigs week on week, its 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 Could 31 depend confirmed that North America added eight rigs week on week, and its Could 24 rig depend highlighted that North America added two rigs week on week.
The corporate’s Could 17 depend revealed that North America dropped one rig week on week, its Could 10 depend confirmed that North America dropped six rigs week on week, its Could 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 lower 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 lower 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 lower 43 rigs week on week, its March 15 depend confirmed that the area lower 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 ultimate 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, based on that depend, which was launched on December 29.
Baker Hughes, which has issued rotary rig counts to the petroleum trade 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 offered partially by Enverus.
To contact the writer, e mail andreas.exarheas@rigzone.com
