North America added one rig week on week, based on Baker Hughes’ newest rotary rig rely, which was printed on August 23.
Though the U.S. dropped one rig week on week, Canada added two rigs throughout the identical timeframe, taking North America’s whole rig rely as much as 804, comprising 585 rigs from the U.S. and 219 rigs from Canada, the rely outlined.
Of the entire U.S. rig rely of 585, 566 rigs are categorized as land rigs and 19 rigs are categorized as offshore rigs. The whole U.S. rig rely is made up of 483 oil rigs, 97 fuel rigs, and 5 miscellaneous rigs, the rely revealed. It additionally confirmed that the entire U.S. rig rely includes 524 horizontal rigs, 47 directional rigs, and 14 vertical rigs.
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Week on week, the U.S. dropped one land rig and its fuel rig rely decreased by the identical quantity, the rely highlighted. The nation added three horizontal rigs, and dropped three vertical rigs and one directional rig, week on week, the rely revealed.
Louisiana, Oklahoma, and Texas every added one rig week on week, whereas North Dakota dropped two rigs, and New Mexico and Utah every reduce one rig, throughout the identical interval, Baker Hughes outlined.
Of Canada’s whole rig rely of 219, 153 are categorized as oil rigs and 66 are categorized as fuel rigs. The nation added two oil rigs week on week, Baker Hughes revealed.
The whole North America rig rely is down 18 in comparison with yr in the past ranges, based on Baker Hughes, which outlined that the U.S. has pushed this decline, chopping 47 rigs throughout the interval whereas Canada’s rely elevated by 29. The U.S. has reduce 29 oil rigs and 18 fuel rigs whereas Canada has added 37 oil rigs and reduce eight fuel rigs, yr on yr, the rig rely revealed.
In an oil drilling report despatched to Rigzone on Friday by the JPM Commodities Analysis group, J.P. Morgan analysts famous that “whole U.S. oil and fuel rigs fell by one to 585 rigs this week”.
“Oil-focused operators remained flat at 483 rigs, after final week’s lack of two … Pure fuel–centered rigs fell by one to 97 rigs, countering final week’s acquire,” they added.
The analysts said within the report that “the rig rely within the 5 main tight oil basins rose by a internet three rigs as Permian and Anadarko basins gained three rigs every whereas the Bakken misplaced two and the Eagle Ford misplaced one”.
“The addition of three rigs in every the Permian and the Anadarko basins tie for the most important inter-basin weekly acquire noticed up to now this yr,” they added.
“Whereas we don’t anticipate a big restoration in drilling exercise over the rest of the yr, this week’s acquire of three rigs places the rely within the main tight oil basins 5 rigs above the present 2024 low, which was noticed final month,” they went on to state.
The analysts famous within the report that they undertaking one other seven rig additions between now and the tip of the yr.
In its earlier rig rely, which was printed on August 16, Baker Hughes revealed that North America dropped two rigs week on week. The U.S. reduce two rigs throughout the interval, whereas Canada’s rig rely remained unchanged week on week, that rely confirmed.
Baker Hughes’ August 9 rely revealed that North America’s rig rely stayed flat week on week.
The corporate’s 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 closing 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, based on that rely, 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 essential enterprise barometer for the drilling business 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
