North America added eight rigs week on week, in response to Baker Hughes’ newest rig depend, which was launched on Might 31.
Whereas the U.S. rig depend stayed flat, Canada added eight rigs week on week, pushing the entire North America rig depend as much as 728, comprising 600 rigs from the U.S. and 128 rigs from Canada, the depend outlined.
Of the entire U.S. rig depend of 600, 578 are categorized as land rigs and 22 are categorized as offshore rigs. The U.S. rig depend is made up of 496 oil rigs, 100 gasoline rigs, and 4 miscellaneous rigs, in response to Baker Hughes, which revealed that the nation’s horizontal rig depend stood at 536, its directional rig depend was 44, and its vertical rig depend was 20.
Week on week, Louisiana and Pennsylvania every added one rig and New Mexico and Oklahoma every dropped one rig, the depend confirmed. The U.S. added one land rig and dropped one offshore rig week on week and elevated its gasoline rig depend by one whereas its oil rig depend dropped by one throughout the identical interval, the depend revealed. The nation added one directional rig and dropped one horizontal rig week on week, the depend highlighted.
Canada’s whole rig depend of 128 is made up of 74 oil rigs and 54 gasoline rigs, Baker Hughes identified. The nation’s gasoline rig depend dropped by two week on week and its oil rig depend elevated by 10 in the course of the interval, Baker Hughes confirmed.
The whole North America rig depend is down 65 in comparison with 12 months in the past ranges, in response to Baker Hughes, which highlighted that the U.S. has pushed this decline, reducing 96 rigs in the course of the interval whereas Canada’s depend elevated by 31. The U.S. has reduce 59 oil rigs and 37 gasoline rigs, whereas Canada has added eight gasoline rigs and 23 oil rigs, 12 months on 12 months, the rig depend revealed.
In its earlier rig depend, which was launched on Might 24, Baker Hughes confirmed that North America added two rigs week on week. Though the U.S. misplaced 4 rigs week on week, Canada added six throughout the identical interval, that depend outlined.
In a report despatched to Rigzone by Commonplace Chartered Financial institution Commodities Analysis Head Paul Horsnell on Might 29, which referred to Baker Hughes’ Might 24 rig depend, analysts on the financial institution, together with Horsnell, mentioned, “the U.S. gasoline rig depend has fallen beneath 100 for the primary time in 31 months in response to the most recent Baker-Hughes survey”.
“The rig depend fell by 4 week on week to 99. Whereas drilling within the Marcellus area fell by two rigs to a 31-month low of 27 rigs, a single rig was added in Haynesville, taking exercise there to 37 rigs,” they added.
“The U.S. oil rig depend was unchanged at 497, taking the 12 months on 12 months decline to 73 rigs (12.8 p.c), whereas the horizontal oil rig depend (a proxy for shale oil exercise) fell three to a six-month low of 448,” they continued.
In that report, the analysts went on to notice that, “in the important thing shale oil areas, exercise within the Texas a part of the Delaware Basin fell by two to a 26-month low of 66 rigs, whereas exercise within the New Mexico a part of the basin rose by one to 104 rigs”.
“The Midland Basin rig depend was unchanged at 115 rigs, whereas different Permian exercise rose by one to 26 rigs. The Bakken area of North Dakota and Montana stays the least dynamic among the many main areas; the rig depend has been 34 for 20 consecutive weeks and it has been in a 32-34 vary for 37 consecutive weeks,” they added.
“Oil costs have moved throughout a $23 per barrel vary over the identical interval, implying that short-run value elasticity of provide within the Bakken has turn into extraordinarily restricted,” the analysts went on to state.
Baker Hughes’ Might 17 depend confirmed that North America dropped one rig week on week, its Might 10 depend confirmed that North America dropped six rigs week on week, and its Might 3 depend additionally confirmed that North America dropped six rigs week on week. The corporate’s April 26 depend confirmed that North America dropped 15 rigs week on week and its April 19 depend confirmed that North America reduce 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 reduce 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 reduce 43 rigs week on week, its March 15 depend confirmed that the area reduce 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 response to 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 essential enterprise barometer for the drilling trade and its suppliers. The corporate obtains its working rig location data partly from Enverus.
To contact the creator, e-mail andreas.exarheas@rigzone.com