North America reduce 12 rigs week on week, in line with Baker Hughes’ newest North America rotary rig rely, which was launched on Could 9.
The U.S. and Canada every dropped a complete of six rigs week on week, taking the full North America rig rely all the way down to 692, comprising 578 rigs from the U.S. and 114 from Canada, the rely outlined.
Of the full U.S. rig rely of 578, 564 rigs are categorized as land rigs, 11 are categorized as offshore rigs, and three are categorized as inland water rigs. The entire U.S. rig rely is made up of 474 oil rigs, 101 gasoline rigs, and three miscellaneous rigs, in line with Baker Hughes’ rely, which revealed that the U.S. whole includes 522 horizontal rigs, 41 directional rigs, and 15 vertical rigs.
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Week on week, the U.S. land and offshore rig counts every dropped by three rigs, and the nation’s inland water rig rely remained unchanged, the rely highlighted. The U.S. oil rig rely decreased by 5 week on week, its gasoline rig rely remained unchanged, and its miscellaneous rig rely dropped by one, the rely confirmed. Baker Hughes’ rely revealed that the U.S. directional rig rely dropped by 5 week on week, whereas its horizontal rig rely dropped by one, and its vertical rig rely remained unchanged through the interval.
A serious state variances subcategory included within the rig rely confirmed that, week on week, New Mexico dropped 4 rigs, Louisiana dropped three rigs, and Wyoming dropped two rigs. Texas added two rigs and Utah added one rig through the interval, the rely revealed.
A serious basin variances subcategory included in Baker Hughes’ rig rely confirmed that, week on week, the Permian basin dropped two rigs, the DJ-Niobrara basin dropped one rig, and the Cana Woodford and Granite Wash basins every added three rigs.
Canada’s whole rig rely of 114 is made up of 68 oil rigs and 46 gasoline rigs, Baker Hughes identified. The nation’s oil rig rely dropped by six week on week and its gasoline rig rely remained unchanged through the interval, the rely revealed.
The entire North America rig rely is down 27 in comparison with 12 months in the past ranges, in line with Baker Hughes’ rely, which confirmed that the U.S. has reduce 25 rigs and Canada has reduce two rigs, 12 months on 12 months. The U.S. has dropped 22 oil rigs, two gasoline rigs, and one miscellaneous rig, whereas Canada has dropped 10 gasoline rigs, and added eight oil rigs, 12 months on 12 months, the rely outlined.
In a analysis be aware despatched to Rigzone on Friday by the JPM Commodities Analysis crew, analysts at J.P. Morgan famous that, “whole U.S. oil and gasoline rigs decreased by six to 578 this week, in line with Baker Hughes”.
“Oil targeted rigs decreased by 5 to 474 rigs, after shedding 4 rigs final week. Pure gasoline targeted rigs remained flat at 101 rigs, after including two rigs final week,” the analysts added.
“The rig rely within the 5 main tight oil basins – we use the EIA [Energy Information Administration] basin definition – decreased by three to 447 rigs. The rig rely in two main tight gasoline basins remained unchanged at 70 rigs,” the analysts continued.
Wanting on the rig rely “throughout main tight oil basins” within the analysis be aware, the J.P. Morgan analysts identified that the “Permian los[t]… two rigs and Niobrara los[t]… one rig, whereas counts in different areas remained unchanged”.
“The decline in rig rely follows the continued cautious stance by numerous U.S. oil and gasoline producers through the ongoing earnings season,” the J.P. Morgan analysts said within the analysis be aware.
“We might count on a rise in pure gasoline exercise from present ranges as Calendar-2026 costs keep their power at or above ~$4.4 per million British thermal models (MMBtu) at present,” they added.
Rigzone has contacted the American Petroleum Institute (API) for touch upon J.P. Morgan’s analysis be aware. On the time of writing, API has not responded to Rigzone.
In its earlier rig rely, which was launched on Could 2, Baker Hughes revealed that North America dropped 11 rigs week on week. The U.S. dropped a complete of three rigs week on week and Canada dropped a complete of eight rigs throughout the identical interval, that rely confirmed.
Baker Hughes’ April 25 rely revealed that North America dropped 4 rigs week on week, its April 17 rely revealed that North America dropped two rigs week on week, and its April 11 rig rely revealed that North America reduce 22 rigs week on week.
The corporate’s April 4 rig rely confirmed that North America reduce 12 rigs week on week, its March 28 rely revealed that North America reduce 18 rigs week on week, and its March 21 rig rely additionally revealed that North America reduce 18 rigs week on week. Baker Hughes’ March 14 rely confirmed that North America dropped 35 rigs week on week and its March 7 rig rely revealed North America reduce 15 rigs week on week.
In its February 28 rig rely, Baker Hughes confirmed that North America added 5 rigs week on week. Its February 21 rely revealed that North America added three rigs week on week, its February 14 rig rely confirmed that North America dropped two rigs week on week, and its January 31 rig rely confirmed that North America added 19 rigs week on week.
The corporate’s January 24 rig rely revealed that North America added 12 rigs week on week, its January 17 rely confirmed that North America added 9 rigs week on week, and its January 10 rig rely outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig rely revealed that North America dropped one rig week on week and its December 27 rig rely confirmed that North America dropped 71 rigs week on week.
Baker Hughes, which has issued rotary rig counts 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 partly by Enverus.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
