North America added 5 rigs week on week, in keeping with Baker Hughes’ newest North America rotary rig depend, which was launched on Could 16.
Though the U.S. dropped a complete of two rigs week on week, Canada added a complete of seven rigs throughout the identical interval, taking the overall North America rig depend as much as 697, comprising 576 rigs from the U.S. and 121 from Canada, the depend outlined.
Of the overall U.S. rig depend of 576, 563 rigs are categorized as land rigs, 11 are categorized as offshore rigs, and two are categorized as inland water rigs. The full U.S. rig depend is made up of 473 oil rigs, 100 gasoline rigs, and three miscellaneous rigs, in keeping with Baker Hughes’ depend, which revealed that the U.S. complete contains 520 horizontal rigs, 41 directional rigs, and 15 vertical rigs.
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Week on week, the U.S. land and inland water rig counts every dropped by one, and the nation’s offshore rig depend remained unchanged, the depend highlighted. The U.S. oil and gasoline rig counts every decreased by one week on week, and its miscellaneous rig depend remained unchanged, the depend confirmed. Baker Hughes revealed that the U.S. horizontal rig depend dropped by two week on week, whereas its directional and vertical rig counts remained unchanged through the interval.
A serious state variances subcategory included within the rig depend confirmed that, week on week, New Mexico and Texas every dropped two rigs, and Wyoming and Ohio every added one rig. A serious basin variances subcategory included in Baker Hughes’ rig depend confirmed that, week on week, the Permian basin dropped three rigs and the Utica basin added one rig.
Canada’s complete rig depend of 121 is made up of 74 oil rigs and 47 gasoline rigs, Baker Hughes identified. The nation’s oil rig depend elevated by six week on week and its gasoline rig depend elevated by one through the interval, the depend revealed.
The full North America rig depend is down 21 in comparison with 12 months in the past ranges, in keeping with Baker Hughes’ depend, which confirmed that the U.S. has lower 28 rigs and Canada has added seven rigs, 12 months on 12 months. The U.S. has dropped 24 oil rigs, three gasoline rigs, and one miscellaneous rig, whereas Canada has dropped 10 gasoline rigs, and added 17 oil rigs, 12 months on 12 months, the depend outlined.
In a analysis notice despatched to Rigzone on Friday by the JPM Commodities Analysis crew, analysts at J.P. Morgan famous that “complete U.S. oil and gasoline rigs decreased by two to 576 this week, in keeping with Baker Hughes”.
“Oil centered rigs decreased by one to 473 rigs, after dropping 5 rigs final week. Pure gasoline centered rigs decreased by one to 100 rigs, following being flat week over week final week,” it added.
“The rig depend within the 5 main tight oil basins – we use the EIA (U.S. Vitality Info Administration) basin definition – decreased by three to 444 rigs. The rig depend in two main tight gasoline basins elevated by one rig,” it continued.
Trying on the rig depend “throughout main tight oil basins” within the notice, the J.P. Morgan analysts identified that the “Permian los[t]… three rigs whereas [the] rig depend in different basins remained unchanged”.
“This variation comes after operators (e.g. EOG, Devon, Oxy) introduced plans to scale back the variety of rigs, though the impression on manufacturing ranges is predicted to be delayed as a consequence of enhancements in operational efficiencies and longer laterals,” the analysts added.
Trying on the rig depend “throughout main gasoline basins” within the analysis notice, the J.P. Morgan analysts highlighted that the “Marcellus/Utica add[ed]… one rig whereas [the] depend in Haynesville remained unchanged at 36 rigs”.
“That is consistent with our expectations as we see Calendar-2026 costs at present ranges of ~$4.3-4.4 per million British thermal items (MMBtu) to be conducive to elevated pure gasoline exercise,” the analysts continued.
Rigzone contacted EOG, Devon, Oxy, and the American Petroleum Institute (API) for touch upon J.P. Morgan’s analysis notice. Devon declined to remark. On the time of writing, EOG, Oxy, and the API haven’t responded to Rigzone.
In its earlier rig depend, which was launched on Could 9, Baker Hughes confirmed that North America lower 12 rigs week on week. The U.S. and Canada every dropped a complete of six rigs week on week, that depend outlined.
Baker Hughes’ Could 2 depend revealed that North America dropped 11 rigs week on week, its April 25 depend revealed that North America dropped 4 rigs week on week, its April 17 depend revealed that North America dropped two rigs week on week, and its April 11 rig depend revealed that North America lower 22 rigs week on week.
The corporate’s April 4 rig depend confirmed that North America lower 12 rigs week on week, its March 28 depend revealed that North America lower 18 rigs week on week, and its March 21 rig depend additionally revealed that North America lower 18 rigs week on week. Baker Hughes’ March 14 depend confirmed that North America dropped 35 rigs week on week and its March 7 rig depend revealed North America lower 15 rigs week on week.
In its February 28 rig depend, Baker Hughes confirmed that North America added 5 rigs week on week. Its February 21 depend revealed that North America added three rigs week on week, its February 14 rig depend confirmed that North America dropped two rigs week on week, and its January 31 rig depend confirmed that North America added 19 rigs week on week.
The corporate’s January 24 rig depend revealed that North America added 12 rigs week on week, its January 17 depend confirmed that North America added 9 rigs week on week, and its January 10 rig depend outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig depend revealed that North America dropped one rig week on week and its December 27 rig depend 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 necessary enterprise barometer for the drilling trade and its suppliers. The corporate notes that working rig location data is supplied partially by Enverus.
To contact the creator, e-mail andreas.exarheas@rigzone.com
