North America’s complete rig rely remained unchanged week on week, in accordance with Baker Hughes’ newest North America rotary rig rely, which was printed late Friday.
Though the U.S. dropped one rig week on week, Canada added one rig throughout the identical timeframe, leaving the whole North America rig rely at 784, Baker Hughes’ rely outlined. The whole North America rig rely determine includes 583 rigs from the U.S. and 201 rigs from Canada, the rely confirmed.
Of the whole U.S. rig rely of 583, 568 are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. This complete rig rely is made up of 479 oil rigs, 99 fuel rigs, and 5 miscellaneous rigs, in accordance with the rely, which highlights that the whole contains 521 horizontal rigs, 46 directional rigs, and 16 vertical rigs.
- Advertisement -
Week on week, the U.S. reduce one offshore rig and its inland water and offshore rig counts remained unchanged, the rely revealed. Throughout this timeframe, the nation’s fuel rig rely decreased by two, its oil rig rely elevated by one, and its miscellaneous rig rely remained unchanged week on week, whereas its directional rig rely dropped by two, its horizontal rig rely elevated by one, and its vertical rig rely remained similar, the rely outlined.
Baker Hughes’ rely revealed that Louisiana dropped three rigs, and California and Colorado every dropped one rig week on week, whereas Texas added two rigs, and Oklahoma and Wyoming every added one rig week on week.
Canada’s complete rig rely of 201 includes 133 oil rigs, 67 fuel rigs, and one miscellaneous rig, Baker Hughes’ rely confirmed. The nation reduce 4 oil rigs and added 4 fuel rigs and one miscellaneous rig week on week, the rely highlighted.
The whole North America rig rely is down 35 rigs in comparison with yr in the past ranges, in accordance with Baker Hughes, which outlined that the U.S. has pushed this decline, slicing 39 rigs through the interval whereas Canada’s rely elevated by 4. The U.S. has reduce 21 oil rigs and 18 fuel rigs, whereas its miscellaneous rely remined unchanged, and Canada has added 9 oil rigs and one miscellaneous rig, whereas its fuel rig rely dropped by six, yr on yr, the rely revealed.
In a analysis word despatched to Rigzone on Friday by the JPM Commodities Analysis workforce, J.P. Morgan analysts highlighted that “complete U.S. oil and fuel rigs fell by one to 583 this week”.
“Oil targeted operators rose by one to 479 rigs, reversing final week’s lack of one. Pure fuel targeted rigs fell by two to 99 rigs, retreating beneath the 100 rig rely mark once more,” they added.
“This week, the rig rely within the main tight oil basins elevated by 4, marking the biggest weekly acquire since early September, when the rely rose by six rigs. Each the Anadarko and Eagle Ford areas noticed an addition of two rigs every, whereas all different basins remained unchanged,” they continued.
“At the moment, we’re simply 9 rigs shy of our December exit forecast for the 2024 rig rely. Any additional drilling exercise between now and the yr’s finish is more likely to end in manufacturing materializing in 2025,” the analysts went on to state.
Trying forward within the word, the J.P. Morgan analysts stated they anticipate complete U.S. crude and condensate manufacturing to develop by 370,000 barrels per day in 2025, “adopted by a extra modest enhance of simply 77,000 barrels per day in 2026”.
In its earlier rig rely, which was launched on November 15, Baker Hughes revealed that North America dropped eight rigs week on week. The whole U.S. rig rely decreased by one rig week on week and the whole Canada rig rely dropped by seven rigs week on week, that rely outlined.
Baker Hughes’ November 8 rig rely confirmed that North America dropped six rigs week on week, its November 1 rely confirmed that North America dropped three rigs week on week, and its October 25 rely revealed that North America dropped one rig week on week. The corporate’s October 18 rely revealed that North America dropped three rigs week on week and its October 11 rig rely additionally confirmed that North America dropped three rigs week on week.
Baker Hughes’ October 4 rely confirmed that North America added three rigs week on week and its September 27 rely revealed that North America added six rigs week on week.
The corporate’s September 20 rig rely confirmed that North America dropped 9 rigs week on week, its September 13 rig rely confirmed that North America added six rigs week on week, its September 6 rig rely revealed that North America dropped one rig week on week, and its August 30 rig rely additionally confirmed that North America dropped one rig week on week.
Baker Hughes’ August 23 rely revealed that North America added one rig week on week, its August 16 rely revealed that North America dropped two rigs week on week, and its August 9 rely confirmed that North America’s rig rely stayed flat week on week.
Baker Hughes’ August 2 rig rely confirmed that North America added 5 rigs week on week, its July 26 rely confirmed that North America added 17 rigs week on week, its July 19 rely revealed North America added 10 rigs week on week, and its July 12 rely confirmed that North America added 13 rigs week on week.
The corporate’s July 5 rely revealed that North America added three rigs week on week, its June 28 rely additionally confirmed that North America added three rigs week on week, its June 21 rig rely revealed that North America added 4 rigs week on week, and its June 14 rely confirmed that North America added 13 rigs week on week.
Baker Hughes’ June 7 rely revealed that North America added 9 rigs week on week, its Could 31 rely confirmed that North America added eight rigs week on week, and its Could 24 rig rely highlighted that North America added two rigs week on week.
The corporate’s Could 17 rely revealed that North America dropped one rig week on week, its Could 10 rely confirmed that North America dropped six rigs week on week, its Could 3 rely additionally confirmed that North America dropped six rigs week on week, its April 26 rely confirmed that North America dropped 15 rigs week on week, and its April 19 rely confirmed that North America reduce 12 rigs week on week.
Baker Hughes’ April 12 rely revealed that North America added two rigs week on week, and its April 5 rely confirmed that North America reduce 16 rigs week on week.
The corporate’s March 28 rely revealed that North America dropped 21 rigs week on week, its March 22 rely confirmed that the area reduce 43 rigs week on week, its March 15 rely confirmed that the area reduce 11 rigs week on week, and its March 8 rig rely confirmed that North America dropped 13 rigs week on week.
Baker Hughes’ March 1 rig rely revealed that North America added three rigs week on week, its February 23 rig rely confirmed that North America added two rigs week on week, and its February 16 rely confirmed that North America’s rig rely remained unchanged week on week.
The corporate’s February 9 rig rely revealed that North America elevated its rig rely by 4 rigs week on week, its February 2 rely confirmed that North America’s rig rely stayed flat week on week, and its January 26 rig rely confirmed that North America elevated its rig rely by eight rigs week on week.
Baker Hughes’ January 19 rely revealed that North America elevated its rig rely by 11 rigs week on week, its January 12 rig rely confirmed that North America elevated its rig rely by 86 rigs week on week, and its January 5 rig rely, which marked the corporate’s first rotary rig rely of 2024, confirmed that North America added 38 rigs week on week.
The corporate’s remaining rotary rig rely of 2023 confirmed a notable week on week and yr on yr drop for North America. The area’s rig rely decreased by 58 week on week and by 155 yr on yr, in accordance with that rely, 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 vital enterprise barometer for the drilling business and its suppliers. The corporate notes that working rig location info is supplied partially by Enverus.
To contact the writer, e mail andreas.exarheas@rigzone.com
