North America added two rigs week on week, in keeping with Baker Hughes’ newest North America rotary rig depend, which was revealed on February 20.
The full U.S. rig depend remained unchanged week on week and the full Canada rig depend rose by two throughout the identical interval, pushing the full North America rig depend as much as 775, comprising 551 rigs from the U.S. and 224 rigs from Canada, the depend outlined.
Of the full U.S. rig depend of 551, 530 rigs are categorized as land rigs, 18 are categorized as offshore rigs, and three are categorized as inland water rigs. The full U.S. rig depend is made up of 409 oil rigs, 133 gasoline rigs, and 9 miscellaneous rigs, in keeping with Baker Hughes’ depend, which revealed that the U.S. whole includes 483 horizontal rigs, 55 directional rigs, and 13 vertical rigs.
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Week on week, the U.S. land rig depend dropped by one, its offshore rig depend rose by one, and its inland water rig depend remained unchanged, Baker Hughes highlighted. The U.S. oil, gasoline, and miscellaneous rig counts all remained unchanged week on week, the depend confirmed. The U.S. horizontal rig depend rose by two week on week, its directional rig depend dropped by two week on week, and its vertical rig depend remained flat throughout the identical interval, the depend revealed.
A serious state variances subcategory included within the rig depend confirmed that, week on week, Alaska added two rigs, Texas added one rig, Louisiana dropped two rigs, and New Mexico dropped one rig. A serious basin variances subcategory included within the rig depend confirmed that, week on week, the Permian basin added one rig.
Canada’s whole rig depend of 222 is made up of 153 oil rigs and 71 gasoline rigs, Baker Hughes identified. Week on week, the nation’s gasoline rig depend rose by two, and its oil and miscellaneous rig counts remained unchanged, the depend revealed.
The full North America rig depend is down 61 rigs in comparison with 12 months in the past ranges, in keeping with Baker Hughes’ depend, which confirmed that the U.S. has lower 41 rigs and Canada has lower 20 rigs, 12 months on 12 months. The U.S. has dropped 79 oil rigs and added 34 gasoline rigs and 4 miscellaneous rigs, whereas Canada has dropped 21 oil rigs and added one gasoline rig, 12 months on 12 months, the depend outlined.
In a J.P. Morgan report despatched to Rigzone by the JPM Commodities Analysis staff on Saturday, analysts at J.P. Morgan famous that “whole U.S. oil and gasoline rigs remained unchanged this week at 551, in keeping with Baker Hughes”.
“Oil targeted rigs remained unchanged at 409, after lowering by three rigs the earlier week. In the meantime, pure gas-focused rigs additionally remained unchanged at 133, following a rise of three rigs final week,” they added.
“The rig depend within the 5 main tight oil basins – we use the EIA [U.S. Energy Information Administration] basin definition – elevated by one to 385 rigs, whereas the depend within the two main tight gasoline basins remained unchanged at 95. Miscellaneous rigs remained unchanged at 9 rigs,” they continued.
Within the report, the J.P. Morgan analysts stated U.S. oil rig exercise “stays broadly steady, with freeze-offs now behind us and provide almost totally recovered”.
“Regardless of a big month on month lack of 360,000 barrels per day in January, 12 months on 12 months development was nonetheless robust at 253,000 barrels per day,” they stated.
Wanting forward, the J.P. Morgan analysts estimated within the report that February’s 12 months on 12 months development might exceed 370,000 barrels per day.
“Permian allow issuance surged in January, with Midland permits up 126 MoM and Delaware (TX) up 97 MoM, marking one of many strongest month-to-month will increase in current quarters,” the analysts highlighted within the report.
The analysts stated the pickup seemingly displays the supportive value atmosphere that has continued since mid-January.
“Larger realized costs seem to have inspired operators to safe drilling optionality whereas economics stay favorable,” they famous.
“Whereas we don’t anticipate the present value energy to persist at these ranges for an prolonged interval, the improved backdrop ought to present near-term assist to drilling plans,” they added.
“Given the standard lag between permits and exercise, this might translate right into a modest uplift in drilling over the subsequent few months. That stated, we proceed to anticipate general exercise development to stay measured as firms preserve capital self-discipline,” they went on to state.
In its earlier depend, which was revealed on February 13, Baker Hughes confirmed that North America dropped six rigs week on week. The full U.S. rig depend remained unchanged week on week and the full Canada rig depend dropped by six throughout the identical interval, that depend confirmed.
Baker Hughes’ February 6 depend revealed that North America added one rig week on week, its January 30 rig depend confirmed that North America added three rigs week on week, its January 23 rig depend confirmed that North America added six rigs week on week, and its January 16 rig depend confirmed that North America added 28 rigs week on week.
In line with month-to-month rig depend abstract figures in Baker Hughes’ newest depend, the North America rig depend stood at 776 in February 2026, 742 in January 2026, and 718 in December 2025. The newest depend outlined that the North America rig depend stood at 739 in November 2025, 741 in October 2025, 728 in September 2025, 717 in August 2025, 707 in July 2025, 687 in June 2025, 690 in Could 2025, 725 in April 2025, 786 in March 2025, 836 in February 2025, and 791 in January 2025.
Archived Baker Hughes information, which Rigzone was directed to by the Baker Hughes staff, outlined that the North America rig depend stood at 751 in December 2024, 789 in November 2024, 804 in October, September, and August 2024, 779 in July 2024, 750 in June 2024, 722 in Could 2024, 748 in April 2024, 822 in March 2024, 855 in February 2024, and 818 in January 2024.
This information outlined that, in 2023, the North America rig depend stood at 784 in December, 816 in November, 814 in October, 819 in September, 836 in August, 858 in July, 832 in June, 817 in Could, 861 in April, 948 in March, 1,006 in February, and 998 in January.
Going additional again, this information outlined that, in 2020, the North America rig depend stood at 432 in December, 405 in November, 361 in October, 316 in September, 303 in August, 288 in July, 292 in June, 371 in Could, 598 in April, 904 in March, 1,039 in February, and 996 in January.
Baker Hughes states on its web site that it has issued rig counts as a service to the petroleum trade since 1944, when Baker Hughes Software Firm started weekly counts of U.S. and Canadian drilling exercise. On its web site, the corporate describes the figures as “an necessary enterprise barometer for the drilling trade and its suppliers”. The corporate notes on its web site that working rig location data is offered partly by Enverus.
To contact the creator, e-mail andreas.exarheas@rigzone.com
