North America added one rig week on week, in response to Baker Hughes’ newest North America rotary rig rely, which was launched on October 10.
The whole U.S. rig rely dropped by two week on week and the whole Canada rig rely elevated by three throughout the identical interval, taking the whole North America rig rely as much as 740, comprising 547 rigs from the U.S. and 193 rigs from Canada, the rely outlined.
Of the whole U.S. rig rely of 547, 529 rigs are categorized as land rigs, 15 are categorized as offshore rigs, and three are categorized as inland water rigs. The whole U.S. rig rely is made up of 418 oil rigs, 120 gasoline rigs, and 9 miscellaneous rigs, in response to Baker Hughes’ rely, which revealed that the U.S. complete contains 480 horizontal rigs, 55 directional rigs, and 12 vertical rigs.
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Week on week, the U.S. offshore and inland water rig counts remained unchanged, and the nation’s land rig rely dropped by two, Baker Hughes highlighted. The U.S. oil rig rely dropped by 4, its gasoline rig rely elevated by two, and miscellaneous rig rely remained unchanged, week on week, the rely confirmed. The U.S. directional rig rely dropped by three week on week, whereas the nation’s horizontal rig rely elevated by one and its vertical rig rely remained unchanged, the rely revealed.
A serious state variances subcategory included within the rig rely confirmed that, week on week, Texas dropped six rigs, Oklahoma dropped three rigs, Wyoming dropped one rig, New Mexico added 4 rigs, Utah added two rigs, and Louisiana and North Dakota every added one rig.
A serious basin variances subcategory included in Baker Hughes’ rig rely confirmed that, week on week, the Granite Wash basin dropped two rigs and the Eagle Ford, DJ-Niobrara and Permian basins every dropped one rig. The Haynesville basin and the Ardmore Woodford basins every added two rigs week on week and the Williston and Cana Woodford basins every added one rig week on week, the rely revealed.
Canada’s complete rig rely of 193 is made up of 129 oil rigs, 63 gasoline rigs, and one miscellaneous rig, Baker Hughes identified. Week on week, the nation’s oil and miscellaneous rig counts remained unchanged, and its gasoline rig rely elevated by three, the rely revealed.
The whole North America rig rely is down 65 rigs in comparison with 12 months in the past ranges, in response to Baker Hughes’ rely, which confirmed that the U.S. has minimize 39 rigs and Canada has minimize 26 rigs, 12 months on 12 months. The U.S. has dropped 63 oil rigs and added 19 gasoline rigs and 5 miscellaneous rigs, whereas Canada has dropped 25 oil rigs and two gasoline rigs, and added one miscellaneous rig, 12 months on 12 months, the rely outlined.
In a report despatched to Rigzone by the JPM Commodities Analysis group on Monday, analysts at J.P. Morgan highlighted that “complete U.S. oil and gasoline rigs decreased by two this week to 547, in response to Baker Hughes”.
“Oil-focused rigs noticed a lower of 4, bringing the whole to 418, following the lack of two rigs the earlier week. In the meantime, pure gas-focused rigs elevated by two to 120 following a rise of 1 rig final week,” the analysts added.
“The rig rely within the 5 main tight oil basins – we use the EIA [U.S. Energy Information Administration] basin definition- decreased by 5 to 396 rigs, whereas the rig rely within the two main tight gasoline basins elevated by one to 83 rigs. Miscellaneous rigs remained unchanged at 9,” they continued.
“This week, the U.S. oil rig rely fell by 4, marking the second consecutive weekly decline. Three rigs had been misplaced in Delaware, Texas, whereas 4 had been added in Delaware, New Mexico; Midland additionally noticed a discount of two rigs, with a few of these adjustments probably linked to grease and gasoline pipeline upkeep in Texas,” the analysts said.
“The Anadarko area skilled a drop of three rigs. General, the development is mildly adverse however not trigger for concern – the slowdown in Permian exercise seems to be pushed extra by logistical and midstream constraints than by underlying market weak spot,” the analysts went on to notice.
The J.P. Morgan analyst said within the observe that U.S. oil manufacturing progress remained strong, “largely fueled by robust beneficial properties within the Permian Basin”.
“In October, U.S. oil manufacturing progress is anticipated to average to 100,000 barrels per day year-over-year, with the Permian Basin contributing 170,000 barrels per day. This displays barely weaker costs, decrease rig counts, and ongoing midstream upkeep,” it added.
In its earlier rig rely, which was launched on October 3, Baker Hughes revealed that North America’s rig rely remained unchanged week on week. The whole U.S. rig rely and the whole Canada rig rely didn’t budge week on week, that rely confirmed.
Baker Hughes’ September 26 rig rely revealed that North America added eight rigs week on week, its September 19 rig rely revealed that North America added six rigs week on week, its September 12 rig rely confirmed that North America added seven rigs week on week, and its September 5 rig rely additionally revealed that North America added seven rigs week on week.
In its August 29 rig rely, Baker Hughes confirmed that North America minimize seven rigs week on week. The corporate’s August 22 rig rely confirmed that North America minimize 4 rigs week on week, its August 15 rig rely revealed that North America added three rigs week on week, and its August 8 rig rely revealed that North America added two rigs week on week.
Baker Hughes’ August 1 rig rely confirmed that North America dropped seven rigs week on week, its July 25 rig rely revealed that North America added eight rigs week on week, its July 18 rely confirmed that North America added 17 rigs week on week, its July 11 rig rely confirmed that North America added 9 rigs week on week, and its July 3 rely highlighted that North America added three rigs week on week.
In its June 27 rig rely, Baker Hughes revealed that North America dropped six rigs week on week. The corporate’s June 20 rig rely confirmed that the whole North America rig rely remained unchanged week on week, its June 13 rig rely confirmed that North America added 20 rigs week on week, and its June 6 rig rely confirmed that North America minimize two rigs week on week.
Baker Hughes’ Could 30 rig rely revealed that North America dropped 5 rigs week on week, its Could 23 rely confirmed that North America dropped 17 rigs week on week, and its Could 16 rig rely confirmed that North America added 5 rigs week on week. The corporate’s Could 9 rig rely revealed that North America minimize 12 rigs week on week, its Could 2 rely revealed that North America dropped 11 rigs week on week, and its April 25 rely confirmed that North America dropped 4 rigs week on week.
Baker Hughes’ April 17 rely confirmed that North America dropped two rigs week on week, its April 11 rig rely revealed that North America minimize 22 rigs week on week, the corporate’s April 4 rig rely confirmed that North America minimize 12 rigs week on week, its March 28 rely revealed that North America minimize 18 rigs week on week, and its March 21 rig rely additionally revealed that North America minimize 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 minimize 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 partially by Enverus.
To contact the writer, e mail andreas.exarheas@rigzone.com
