North America dropped one rig week on week, based on Baker Hughes’ newest rotary rig depend, which was posted on August 30.
The U.S. dropped two rigs week on week, whereas Canada added one rig throughout the identical timeframe, taking the full North America rig depend all the way down to 803, comprising 583 rigs from the U.S. and 220 from Canada, Baker Hughes’ newest North America rotary rig depend outlined.
Of the full U.S. rig depend of 583, 563 rigs are categorized as land rigs, 19 are categorized as offshore rigs, and one is categorized as an inland water rig. The full U.S. rig depend is made up of 483 oil rigs, 95 fuel rigs, and 5 miscellaneous rigs, based on the depend, which reveals that the full U.S. determine contains 521 horizontal rigs, 48 directional rigs, and 14 vertical rigs.
- Advertisement -
Week on week, the U.S. dropped three land rigs and added one inland water rig, whereas its fuel rig depend dropped by two, the depend highlighted. The U.S. dropped three horizontal rigs week on week and added one directional rig, the depend revealed.
Pennsylvania dropped three rigs week on week, and Colorado and New Mexico every dropped one rig throughout the identical interval, the depend confirmed. West Virginia, Louisiana, and Oklahoma every added one rig week on week, the depend highlighted.
Canada’s complete rig depend of 220 contains 153 oil rigs and 67 fuel rigs, Baker Hughes’ depend identified. The nation added one fuel rig week on week, the depend highlighted.
The full North America rig depend is down 15 in comparison with 12 months in the past ranges, based on Baker Hughes, which outlined that the U.S. has pushed this decline, chopping 48 rigs in the course of the interval whereas Canada’s depend elevated by 33. The U.S. has minimize 29 oil rigs and 19 fuel rigs whereas Canada has added 38 oil rigs and minimize 5 fuel rigs, 12 months on 12 months, the rig depend revealed.
In an oil drilling report despatched to Rigzone on Friday by the JPM Commodities Analysis staff, J.P. Morgan analysts famous that “complete U.S. oil and fuel rigs fell by two to 583 rigs this week”.
“Oil-focused operators remained flat at 483 rigs, a second weekly flat depend. Pure fuel–centered rigs fell by two to 95 rigs, marking a brand new low in rig depend for this 12 months,” they added.
“The rig depend within the 5 main tight oil basins rose by one, as a acquire of two within the Anadarko and a acquire of 1 rig within the Eagle ford have been offset by a lack of one rig every within the Permian and Niobrara basins,” the analysts went on to state.
“For the month of August, main tight oil basin drillers added three rigs vs July exercise ranges, whereas WTI averaged $76 per barrel. For September, we forecast a median flat rig depend within the main tight oil basins earlier than operators improve drilling exercise by seven rigs throughout 4Q with a view to full FY24 drilling applications and improve exercise into anticipated increased 2025 Henry Hub pricing,” the J.P. Morgan analysts continued.
In its earlier rig depend, which was printed on August 23, Baker Hughes revealed that North America added one rig week on week. Though the U.S. dropped one rig week on week, Canada added two rigs throughout the identical timeframe, that depend revealed.
In its August 16 depend, Baker Hughes revealed that North America dropped two rigs week on week. 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 minimize 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 minimize 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 minimize 43 rigs week on week, its March 15 depend confirmed that the area minimize 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, based on that depend, which was launched on December 29.
Baker Hughes, which has issued the 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 partly by Enverus.
To contact the creator, e-mail andreas.exarheas@rigzone.com
