North America added three rigs week on week, in keeping with Baker Hughes’ newest North America rotary rig rely, which was printed on October 4.
Though the U.S. dropped a complete of two rigs week on week, Canada added a complete of 5 rigs throughout the identical interval, taking the entire North America rig rely as much as 808, comprising 585 rigs from the U.S. and 223 rigs from Canada, the rely outlined.
Of the entire U.S. rig rely of 585, 566 are categorized as land rigs, 18 are categorized as offshore rigs, and one is categorized as an inland water rig. The overall U.S. rig rely is made up of 479 oil rigs, 102 gasoline rigs, and 4 miscellaneous rigs, in keeping with Baker Hughes’ rely, which additionally exhibits that the nation’s complete rig rely includes 522 horizontal rigs, 49 directional rigs, and 14 vertical rigs.
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Week on week, the U.S. dropped one land rig and one offshore rig, whereas its inland water rig rely remained unchanged, and its gasoline rig rely elevated by three, whereas its oil rig rely dropped by 5, and its miscellaneous rig rely remained unchanged, the rely revealed. The U.S. dropped one directional rig and one horizontal rig week on week and its vertical rig rely remained unchanged through the interval, Baker Hughes outlined.
Within the rely, Texas was proven to have added two rigs and Pennsylvania one rig week on week. New Mexico was proven within the rely to have dropped three rigs, and Louisiana and Oklahoma one rig every, week on week.
Canada’s complete rig rely of 223 is made up of 157 oil rigs, 63 gasoline rigs, and three miscellaneous rigs, Baker Hughes’ rely revealed. The nation dropped two gasoline rigs and added 5 oil rigs and two miscellaneous rigs week on week, the rely revealed.
The overall North America rig rely is up 9 in comparison with 12 months in the past ranges, in keeping with Baker Hughes, which confirmed that the U.S. has minimize 34 rigs and Canada has added 43 rigs through the interval. The U.S. has dropped 18 oil rigs and 16 gasoline rigs, whereas Canada has added 49 oil rigs and three miscellaneous rigs, and minimize 9 gasoline rigs, 12 months on 12 months, the rely outlined.
In a analysis notice despatched to Rigzone on Friday by the JPM Commodities Analysis workforce, J.P. Morgan analysts highlighted that “complete U.S. oil and gasoline rigs fell by two to 585 this week”.
“Oil centered operators fell by 5 to 479 rigs, bringing the losses to 9 rigs within the final two weeks. Pure gasoline centered rigs rose by three to 102 rigs, a second consecutive weekly acquire of three rigs,” they added.
“The rig rely within the… 5 main tight oil basins dropped by three. A acquire of 1 rig within the Niobrara was offset by the lack of two rigs every within the Permian and Anadarko basins. Regardless of a greater than 10 p.c rally in WTI costs this week, the oil rig rely nonetheless skilled a discount in exercise, as U.S. drillers usually don’t reply to weekly worth fluctuations,” they continued.
“Whereas there’s a danger to our projection that oil rig rely will exit 2024 14 rigs increased from present ranges, a sustained geopolitical danger premium in WTI costs may assist our forecast to materialize earlier than our projected WTI worth declines to $71 in 2025,” they went on to state.
In its earlier rig rely, which was printed on September 27, Baker Hughes revealed that North America added six rigs week on week. The U.S. minimize a complete of 1 rig week on week and Canada added a complete of seven rigs throughout the identical interval, that rely highlighted.
Baker Hughes’ September 20 rig rely revealed that North America dropped 9 rigs week on week. Its September 13 rig rely confirmed that North America added six rigs week on week, its September 6 rig rely revealed that North America dropped one rig week on week, and its August 30 rig rely additionally confirmed that North America dropped one rig week on week.
Baker Hughes’ August 23 rely revealed that North America added one rig week on week, its August 16 rely revealed that North America dropped two rigs week on week, and its August 9 rely confirmed that North America’s rig rely stayed flat week on week.
Baker Hughes’ August 2 rig rely confirmed that North America added 5 rigs week on week, its July 26 rely confirmed that North America added 17 rigs week on week, its July 19 rely revealed North America added 10 rigs week on week, and its July 12 rely confirmed that North America added 13 rigs week on week.
The corporate’s July 5 rely revealed that North America added three rigs week on week, its June 28 rely additionally confirmed that North America added three rigs week on week, its June 21 rig rely revealed that North America added 4 rigs week on week, and its June 14 rely confirmed that North America added 13 rigs week on week.
Baker Hughes’ June 7 rely revealed that North America added 9 rigs week on week, its Could 31 rely confirmed that North America added eight rigs week on week, and its Could 24 rig rely highlighted that North America added two rigs week on week.
The corporate’s Could 17 rely revealed that North America dropped one rig week on week, its Could 10 rely confirmed that North America dropped six rigs week on week, its Could 3 rely additionally confirmed that North America dropped six rigs week on week, its April 26 rely confirmed that North America dropped 15 rigs week on week, and its April 19 rely confirmed that North America minimize 12 rigs week on week.
Baker Hughes’ April 12 rely revealed that North America added two rigs week on week, and its April 5 rely confirmed that North America minimize 16 rigs week on week.
The corporate’s March 28 rely revealed that North America dropped 21 rigs week on week, its March 22 rely confirmed that the area minimize 43 rigs week on week, its March 15 rely confirmed that the area minimize 11 rigs week on week, and its March 8 rig rely confirmed that North America dropped 13 rigs week on week.
Baker Hughes’ March 1 rig rely revealed that North America added three rigs week on week, its February 23 rig rely confirmed that North America added two rigs week on week, and its February 16 rely confirmed that North America’s rig rely remained unchanged week on week.
The corporate’s February 9 rig rely revealed that North America elevated its rig rely by 4 rigs week on week, its February 2 rely confirmed that North America’s rig rely stayed flat week on week, and its January 26 rig rely confirmed that North America elevated its rig rely by eight rigs week on week.
Baker Hughes’ January 19 rely revealed that North America elevated its rig rely by 11 rigs week on week, its January 12 rig rely confirmed that North America elevated its rig rely by 86 rigs week on week, and its January 5 rig rely, which marked the corporate’s first rotary rig rely of 2024, confirmed that North America added 38 rigs week on week.
The corporate’s last rotary rig rely of 2023 confirmed a notable week on week and 12 months on 12 months drop for North America. The area’s rig rely decreased by 58 week on week and by 155 12 months on 12 months, in keeping with that rely, which was launched on December 29.
Baker Hughes, which has issued the rotary rig counts to the petroleum business 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
