North America dropped three rigs week on week, in keeping with Baker Hughes’ newest rotary rig depend, which was revealed on December 13.
Though the whole U.S. rig depend remained unchanged week on week, the whole Canada rig depend declined by three throughout the identical time interval, taking the whole North America rig depend all the way down to 780, comprising 589 rigs from the U.S. and 191 rigs from Canada, the depend outlined.
Of the whole U.S. rig depend of 589, 573 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and two are categorized as inland water rigs. The whole U.S. rig depend is made up of 482 oil rigs, 103 fuel rigs, and 4 miscellaneous rigs, in keeping with Baker Hughes, which confirmed that this whole depend includes 525 horizontal rigs, 50 directional rigs, and 14 vertical rigs.
Week on week, the U.S. added one land rig and lower one offshore rig, whereas its fuel rig depend elevated by one and its miscellaneous depend decreased by one, the depend revealed. The county’s directional rig depend elevated by one and its horizontal rig depend decreased by one in the course of the interval, Baker Hughes identified.
A serious state variances subcategory included within the rig depend confirmed that New Mexico added two rigs week on week and Louisiana added one rig. Texas dropped two rigs and Pennsylvania dropped one rig week on week, the depend highlighted.
Canada’s whole rig depend of 191 includes 120 oil rigs and 71 fuel rigs, Baker Hughes identified. The nation’s oil rig depend dropped by 4 week on week and its fuel rig depend elevated by one throughout the identical timeframe, the depend confirmed.
The whole North America rig depend is down 28 in comparison with 12 months in the past ranges, in keeping with Baker Hughes, which outlined that the U.S. has pushed this decline, chopping 34 rigs in the course of the interval whereas Canada’s depend elevated by six. The U.S. has lower 19 oil rigs and 16 fuel rigs, and added one miscellaneous rig, whereas Canada has added 4 fuel rigs and two oil rigs, 12 months on 12 months, the depend revealed.
In a analysis notice despatched to Rigzone on Friday by the JPM Commodities Analysis crew, J.P. Morgan analysts famous that “whole U.S. oil and fuel rigs remained flat at 589 this week”.
“Oil targeted operators remained flat at 482 rigs, after final week’s achieve of 5. Pure fuel targeted rigs rose by two to 103 rigs, a 3rd consecutive weekly achieve,” the analysts added.
Within the analysis notice, the J.P. Morgan analysts said that the rig depend within the main tight oil basins skilled a modest decline, “reducing by two rigs”.
“The Eagle Ford area accounted for this discount, whereas all different basins remained regular. Though the headline determine suggests a secure oil rig depend, our detailed monitoring signifies a shift of two rigs, possible relocating to non-core counties within the Eagle Ford, but nonetheless operational,” the analysts mentioned within the notice.
“Extra considerably, the general oil rig depend preserved final week’s enhance of 5 rigs, reinforcing the notion that capital applications for 2025 are starting to roll out,” they added.
“At the moment, we discover ourselves eight rigs in need of our December exit forecasts. Nonetheless, it’s vital to notice that any actions in drilling exercise right this moment could have implications for manufacturing in 2025,” they continued.
In its earlier rig depend, which was revealed on December 6, Baker Hughes revealed that North America misplaced 4 rigs week on week. Though the U.S. added seven rigs week on week, Canada dropped 11 rigs throughout the identical interval, that depend outlined.
Baker Hughes’ November 27 depend confirmed that North America’s whole rig depend elevated by three week on week and its November 22 depend revealed that North America’s whole rig depend remained unchanged week on week.
Baker Hughes’ November 15 rig depend revealed that North America dropped eight rigs week on week, its November 8 rig depend confirmed that North America dropped six rigs week on week, its November 1 depend confirmed that North America dropped three rigs week on week, and its October 25 depend revealed that North America dropped one rig week on week. The corporate’s October 18 depend revealed that North America dropped three rigs week on week and its October 11 rig depend additionally confirmed that North America dropped three rigs week on week.
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 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 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 closing 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 keeping 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 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 creator, electronic mail andreas.exarheas@rigzone.com