North America dropped one rig week on week, based on Baker Hughes’ newest rotary rig depend, which was launched on Could 17.
Though the U.S. added one rig week on week, Canada dropped two throughout the identical interval, resulting in a complete North America rig depend of 718, comprising 604 rigs from the U.S. and 114 rigs from Canada, the depend outlined.
Of the entire U.S. rig depend of 604, 584 are categorized as land rigs and 20 are categorized as offshore rigs. The nation has 497 oil rigs, 103 fuel rigs, and 4 miscellaneous rigs, the depend revealed. The U.S. whole rig depend is made up of 545 horizontal rigs, 41 directional rigs, and 18 vertical rigs, the depend identified.
Week on week, the U.S. added one offshore rig and its oil rig depend elevated by one, the depend confirmed. The nation dropped three horizontal rigs however added three vertical rigs and one directional rig, the depend revealed. Louisiana, Oklahoma, and Texas every added one rig week on week, whereas New Mexico dropped two rigs throughout the identical interval, the depend outlined.
Canada’s whole rig depend of 114 is made up of 57 oil rigs and 57 fuel rigs, Baker Hughes confirmed. The nation added one fuel rig and dropped three oil rigs week on week, the corporate highlighted within the depend.
The whole North America rig depend is down 87 in comparison with yr in the past ranges, based on Baker Hughes, which highlighted that the U.S. has pushed this decline, chopping 116 rigs in the course of the interval whereas Canada’s depend elevated by 29. The U.S. has lower 78 oil rigs and 38 fuel rigs, whereas Canada has added 11 fuel rigs and 18 oil rigs, yr on yr, the rig depend revealed.
“This week, the rig depend within the 5 main tight oil basins fell by one because the Anadarko basin gained two, the Permian misplaced two and the Eagle Ford misplaced one,” analysts at J.P. Morgan acknowledged in a analysis be aware despatched to Rigzone late Sunday.
“Following a lack of 10 rigs over the previous three weeks, the decline within the rig counts has slowed. Whereas the depend at the moment sits 16 rigs beneath our projections for the month of April, we imagine that drilling efficiencies noticed within the first quarter are driving the discrepancy,” they added.
“As we look forward to reported drilling knowledge to substantiate this development, we’re carefully evaluating if the present oil rig depend turns into a brand new balancing level. We count on Could/June drilling rig averages to mirror what rig ranges are required for public operators to efficiently full their 2024 drilling packages,” they went on to state.
In its earlier rig depend, which was launched on Could 10, Baker Hughes confirmed that North America dropped six rigs week on week. The U.S. lower two rigs week on week and Canada lower 4 rigs, that depend outlined.
Baker Hughes’ Could 3 depend confirmed that North America dropped six rigs week on week, its April 26 depend confirmed that North America dropped 15 rigs week on week, and its April 19 depend confirmed that North America dropped 12 rigs week on week.
The corporate’s April 12 depend revealed that North America added two rigs week on week, and its April 5 depend confirmed that North America lower 16 rigs week on week.
Baker Hughes’ March 28 depend revealed that North America dropped 21 rigs week on week, its March 22 depend confirmed that the area lower 43 rigs week on week, its March 15 depend confirmed that the area lower 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 remaining rotary rig depend of 2023 confirmed a notable week on week and yr on yr drop for North America. The area’s rig depend decreased by 58 week on week and by 155 yr on yr, based on that depend, 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 vital enterprise barometer for the drilling business and its suppliers. The corporate obtains its working rig location data partly from Enverus.
To contact the writer, e mail andreas.exarheas@rigzone.com