North America added three rigs week on week, in line with Baker Hughes’ newest rotary rig depend, which was launched on June 28.
Though the U.S. dropped seven rigs week on week, Canada added 10 rigs throughout the identical timeframe, taking the full North America rig depend as much as 757, comprising 581 rigs from the U.S. and 176 rigs from Canada, the depend outlined.
Of the full U.S. rig depend of 581, 560 are categorized as land rigs and 21 are categorized as offshore rigs. The nation has 479 oil rigs, 97 fuel rigs, and 5 miscellaneous rigs, in line with Baker Hughes, which revealed that the nation’s whole rig depend is made up of 518 horizontal rigs, 45 directional rigs, and 18 vertical rigs.
Week on week, the U.S. dropped seven land rigs, and its fuel rig depend decreased by one whereas its oil rig depend dropped by six, the depend confirmed. The U.S. lower seven horizontal rigs and one vertical rig week on week, whereas its directional rig depend elevated by one throughout the identical timeframe, the depend revealed.
Texas dropped 5 rigs and Oklahoma and New Mexico every lower one rig week on week, the depend highlighted.
Canada’s whole rig depend of 176 is made up of 116 oil rigs, 59 fuel rigs, and one miscellaneous rig, the depend confirmed. The nation added seven oil rigs, two fuel rigs, and one miscellaneous rig week on week, the depend outlined.
The entire North America rig depend is down 84 in comparison with 12 months in the past ranges, in line with Baker Hughes, which highlighted that the U.S. has pushed this decline, reducing 93 rigs throughout the interval whereas Canada’s depend elevated by 9. The U.S. has lower 66 oil rigs and 27 fuel rigs, whereas Canada has added seven oil rigs, one fuel rig, and one miscellaneous rig, 12 months on 12 months, the rig depend revealed.
In a report despatched to Rigzone by the JPM Commodities Analysis workforce on June 28, J.P. Morgan analysts mentioned, “the rig depend within the 5 main tight oil basins fell by seven rigs, the biggest weekly drop within the depend since August 2023”.
“Whereas improved drilling and frac efficiencies enable for manufacturing progress with decrease variety of rigs, additional sustained reductions within the U.S. oil rig depend will possible have a cloth affect on U.S. crude and condensate manufacturing in 2025,” they added.
“Barring extra effectivity outperformance over our up to date metrics or a rise within the oil rig depend, sustained decrease 2H24 drilling exercise would possible cut back our 2025 manufacturing forecast by 90,000 barrels per day,” they continued.
“As of right now, we nonetheless see the U.S. contributing 750,000 barrels per day of whole liquids provide progress in 2025, or 42 % of our anticipated 1.8 million barrel per day 12 months on 12 months improve in non-OPEC+ output,” the analysts went on to state.
In its earlier rig depend, which was launched on June 21, Baker Hughes revealed that North America added 4 rigs week on week. That depend confirmed that the U.S. dropped two rigs week on week, whereas Canada added six rigs.
Baker Hughes’ June 14 depend confirmed that North America added 13 rigs week on week, its June 7 depend revealed that North America added 9 rigs week on week, its Might 31 depend confirmed that North America added eight rigs week on week, and its Might 24 rig depend highlighted that North America added two rigs week on week.
The corporate’s Might 17 depend revealed 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 lower 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 lower 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 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 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 line with 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 necessary enterprise barometer for the drilling trade and its suppliers. The corporate obtains its working rig location data partially from Enverus.
To contact the writer, e-mail andreas.exarheas@rigzone.com