North America dropped one rig week on week, in line with Baker Hughes’ newest rotary rig rely, which was launched on October 25.
The entire U.S. rig rely remained unchanged and the overall Canada rig rely dropped by one rig week on week, taking the overall North America rig rely all the way down to 801, comprising 585 rigs from the U.S. and 216 rigs from Canada, Baker Hughes’ rely outlined.
Of the overall U.S. rig rely of 585, 568 are categorised as land rigs, 16 are categorized as offshore rigs, and one is classed as an inland water rig. The entire U.S. rig rely is made up of 480 oil rigs, 101 gasoline rigs, and 4 miscellaneous rigs, in line with Baker Hughes, which confirmed that this whole comprised 513 horizontal rigs, 54 directional rigs, and 18 vertical rigs.
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Week on week, the U.S. added two land rigs and dropped two offshore rigs, whereas its inland water rig rely remained unchanged, the rely revealed. The nation’s oil rig rely dropped by two, its gasoline rig rely elevated by the identical quantity, and its miscellaneous rig rely remained unchanged throughout the interval, the rely highlighted. The directional and vertical rig counts within the U.S. every elevated by one week on week, and the horizontal rig rely dropped by two, the rely confirmed.
A subcategory of main state variances within the Baker Hughes rely confirmed that Louisiana dropped two rigs week on week and Pennsylvania dropped one rig throughout the identical timeframe. Oklahoma, Ohio, and New Mexico have been every proven to have added one rig week on week.
Canada’s whole rig rely of 216 is made up of 150 oil rigs and 66 gasoline rigs, Baker Hughes’ rely revealed. The nation dropped three oil rigs and added two gasoline rigs week on week, the rely confirmed.
The entire North America rig rely is down 20 in comparison with yr in the past ranges, in line with Baker Hughes, which outlined that the U.S. has pushed this decline, reducing 40 rigs throughout the interval whereas Canada’s rely elevated by 20. The U.S. has reduce 24 oil rigs and 16 gasoline rigs, whereas Canada has added 28 oil rigs, and reduce eight gasoline rigs, yr on yr, the rely revealed.
In a analysis observe despatched to Rigzone on Friday by the JPM Commodities Analysis staff, J.P. Morgan analysts famous that “whole U.S. oil and gasoline rigs remained flat at 585 this week, in line with Baker Hughes”.
“Oil centered operators fell by two to 480 rigs, the primary loss in three weeks. Pure gasoline centered rigs rose by two to 101 rigs, reversing final week’s loss,” they added.
“The rig rely throughout the 5 main tight oil basins remained unchanged. Our basin degree monitoring signifies no motion, suggesting that the reported shift between oil and gasoline rigs seemingly stems from a classification adjustment,” the analysts continued.
“All through the reporting month, drillers averaged one rig fewer than in September, with the present rely holding regular on the September exit degree. As we conclude October’s reporting, the rely in these key basins stays 11 rigs in need of our year-end projections,” they stated.
“Trying forward, we anticipate most new additions will happen within the Permian, as producers goal to finalize their 2024 drilling applications,” the analysts went on to state.
In its earlier rig rely, which was revealed on October 18, Baker Hughes revealed that North America dropped three rigs week on week. The U.S. dropped one rig and Canada dropped two rigs week on week, that rely confirmed. Baker Hughes’ October 11 rig rely additionally revealed that North America dropped three rigs week on week.
Baker Hughes’ October 4 rely confirmed that North America added three rigs week on week and its September 27 rely revealed that North America added six rigs week on week.
The corporate’s September 20 rig rely confirmed 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 Might 31 rely confirmed that North America added eight rigs week on week, and its Might 24 rig rely highlighted that North America added two rigs week on week.
The corporate’s Might 17 rely revealed that North America dropped one rig week on week, its Might 10 rely confirmed that North America dropped six rigs week on week, its Might 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 reduce 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 reduce 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 reduce 43 rigs week on week, its March 15 rely confirmed that the area reduce 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 ultimate rotary rig rely of 2023 confirmed a notable week on week and yr on yr drop for North America. The area’s rig rely decreased by 58 week on week and by 155 yr on yr, in line with that rely, which was launched on December 29.
Baker Hughes, which has issued 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 notes that working rig location data is supplied partly by Enverus.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
