The full North America rig depend remained unchanged week on week, in keeping with Baker Hughes’ newest North America rotary rig depend, which was launched on June 20.
The U.S. dropped a complete of 1 rig week on week, whereas Canada added a complete of 1 rig week on week, conserving the overall North America rig depend at 693, comprising 554 rigs from the U.S. and 139 rigs from Canada, the depend outlined.
Of the overall U.S. rig depend of 554, 538 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and two are categorized as inland water rigs. The full U.S. rig depend is made up of 438 oil rigs, 111 fuel rigs, and 5 miscellaneous rigs, in keeping with Baker Hughes’ depend, which revealed that the U.S. complete contains 502 horizontal rigs, 40 directional rigs, and 12 vertical rigs.
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Week on week, the U.S. land rig depend diminished by 5, its offshore rig depend elevated by 4, and its inland water rig depend remained unchanged, the depend highlighted. The nation’s oil rig depend dropped by one, its fuel rig depend dropped by two, and its miscellaneous rig depend elevated by two, week on week, the depend confirmed. The U.S. horizontal and vertical rig counts remained unchanged week on week, and the nation’s directional rig depend decreased by one throughout the identical timeframe, the depend revealed.
A serious state variances subcategory included within the rig depend confirmed that, week on week, Texas dropped 4 rigs, Oklahoma dropped two rigs, Utah and North Dakota every dropped one rig, New Mexico and Wyoming every added two rigs, and Colorado and Louisiana every added one rig.
A serious basin variances subcategory included in Baker Hughes’ rig depend confirmed that, week on week, the Permian basin dropped two rigs, the Granite Wash basin lower one rig, the DJ-Niobrara basin added three rigs, and the Cana Woodford, Eagle Ford, Haynesville, and Mississippian basins every added one rig.
Canada’s complete rig depend of 139 is made up of 93 oil rigs and 46 fuel rigs, Baker Hughes identified. The nation’s oil rig depend elevated by two week on week and its fuel rig depend dropped by one throughout the interval, the depend revealed.
The full North America rig depend is down by 61 rigs in comparison with yr in the past ranges, in keeping with Baker Hughes’ depend, which confirmed that the U.S. has lower 34 rigs and Canada has lower 27 rigs, yr on yr. The U.S. has dropped 47 oil rigs and added 13 fuel rigs, whereas Canada has dropped 16 oil rigs and 11 fuel rigs, yr on yr, the depend outlined.
In a analysis notice despatched to Rigzone by the JPM Commodities Analysis group on Friday, J.P. Morgan analysts highlighted that “complete U.S. oil and fuel rigs decreased by one to 554 this week, in keeping with Baker Hughes”.
“Oil centered rigs decreased by one to 438 rigs, after shedding three rigs final week. Pure gas-focused rigs decreased by two to 111 rigs, following a rise of 1 rig week over week 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 – stays unchanged, 424 rigs. The rig depend in two main tight fuel basins elevated by one to 74 rigs. The miscellaneous rig depend elevated by two to 5 rigs,” they continued.
“The U.S. oil rig depend fell by only one rig this week, signaling a slowdown within the broader downtrend. Losses had been concentrated in key areas: Midland (-1), Delaware TX (-3), and Anadarko (-4). This was partially offset by good points in Delaware NM (+3), Eagle Ford (+2), and Niobrara (+3),” they went on to say.
The J.P. Morgan analysts additionally said within the analysis notice that, whereas the most recent escalation within the Center East might present near-term assist to grease costs, they don’t anticipate a sustained turnaround in rig exercise.
“Most operators stay cautious, and capital self-discipline continues to anchor spending selections,” they mentioned within the notice.
“Nonetheless, we have now revised our 2026 crude manufacturing forecast up by 40,000 barrels per day, pushed by the reported surge in hedging exercise as shale drillers purpose to lock in greater costs,” they added.
“Regardless of this adjustment, we preserve that the general provide pattern stays constrained by low drilling exercise, with productiveness good points taking part in essentially the most important function in driving manufacturing progress within the close to time period,” they continued.
Rigzone has contacted the American Petroleum Institute (API) for touch upon J.P. Morgan’s analysis notice. On the time of writing, the API has not responded to Rigzone.
In its earlier rig depend, which was launched on June 13, Baker Hughes revealed that North America added 20 rigs week on week. Whereas the U.S. dropped 4 rigs week on week, Canada added 24 rigs throughout the identical interval, that depend outlined.
Baker Hughes’ June 6 rig depend confirmed that North America lower two rigs week on week, its Could 30 rig depend confirmed that North America dropped 5 rigs week on week, its Could 23 depend confirmed that North America dropped 17 rigs week on week, and the corporate’s Could 16 rig depend confirmed that North America added 5 rigs week on week.
Baker Hughes’ Could 9 rig depend revealed that North America lower 12 rigs week on week, its Could 2 depend revealed that North America dropped 11 rigs week on week, and its April 25 depend revealed that North America dropped 4 rigs week on week.
Baker Hughes’ April 17 depend confirmed that North America dropped two rigs week on week, its April 11 rig depend revealed that North America lower 22 rigs week on week, the corporate’s April 4 rig depend confirmed that North America lower 12 rigs week on week, its March 28 depend revealed that North America lower 18 rigs week on week, and its March 21 rig depend additionally revealed that North America lower 18 rigs week on week. Baker Hughes’ March 14 depend confirmed that North America dropped 35 rigs week on week and its March 7 rig depend revealed North America lower 15 rigs week on week.
In its February 28 rig depend, Baker Hughes confirmed that North America added 5 rigs week on week. Its February 21 depend revealed that North America added three rigs week on week, its February 14 rig depend confirmed that North America dropped two rigs week on week, and its January 31 rig depend confirmed that North America added 19 rigs week on week.
The corporate’s January 24 rig depend revealed that North America added 12 rigs week on week, its January 17 depend confirmed that North America added 9 rigs week on week, and its January 10 rig depend outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig depend revealed that North America dropped one rig week on week and its December 27 rig depend confirmed that North America dropped 71 rigs week on week.
Baker Hughes, which has issued rotary rig counts since 1944, describes the figures as an necessary enterprise barometer for the drilling business and its suppliers. The corporate notes that working rig location info is offered partially by Enverus.
To contact the creator, e mail andreas.exarheas@rigzone.com
