North America added three rigs week on week, based on Baker Hughes’ newest rotary rig depend, which was revealed on July 5.
In keeping with that depend, the U.S. added 4 rigs and Canada dropped one rig week on week, taking the full North America rig depend as much as 760, comprising 585 rigs from the U.S. and 175 rigs from Canada.
Of the full U.S. rig depend of 585, 562 are categorized as land rigs and 23 are categorized as offshore rigs. The nation has 479 oil rigs, 101 fuel rigs, and 5 miscellaneous rigs, and its horizontal rig depend stands at 517, whereas its directional and vertical rig counts stand at 50 and 18, respectively, the depend reveals.
Week on week, the U.S. added two land rigs and two offshore rigs, based on the depend, which revealed that the nation added 4 fuel rigs, whereas its directional rig depend elevated by 5 and its horizontal rig depend dropped by one, week on week. Louisiana added three rigs week on week and Texas added one, the depend highlighted.
Canada’s whole rig depend of 175 is made up of 115 oil rigs and 60 fuel rigs, the depend confirmed. The nation added one fuel rig, and dropped one oil rig and one miscellaneous rig, week on week, the depend outlined.
The whole North America rig depend is down 95 in comparison with yr in the past ranges, based on Baker Hughes, which highlighted that the U.S. has pushed this decline, slicing 95 rigs throughout the interval whereas Canada’s depend stayed flat. The U.S. has reduce 61 oil rigs and 34 fuel rigs, whereas Canada has added 4 oil rigs and dropped 4 fuel rigs, yr on yr, the rig depend revealed.
In its earlier rig depend, which was launched on June 28, Baker Hughes revealed that North America added three rigs week on week. That depend confirmed that the U.S. dropped seven rigs week on week, whereas Canada added 10 rigs.
In a report despatched to Rigzone by Commonplace Chartered Financial institution Commodities Analysis Head Paul Horsnell on July 2, which referred to Baker Hughes’ June 28 rig depend, analysts on the financial institution, together with Horsnell, stated, “U.S. oil drilling exercise declined for the sixth consecutive week based on the newest Baker-Hughes survey”.
“The oil rig depend fell by six week on week to a 30-month low of 479 taking the cumulative fall since November 2022’s post-pandemic excessive to 148 rigs (23.6 p.c). Horizontal oil drilling (a proxy for shale oil exercise) fell by seven rigs week on week to 431 rigs,” they added.
“Decrease drilling exercise suggests to us that the nine-month lengthy sideways transfer in U.S. crude oil output has considerably additional to run. Throughout the Permian, the Delaware Basin rig depend fell by two to 168, the Midland Basin rig depend fell by one to 108 and different Permian exercise was unchanged at 29 rigs,” they continued.
“Including to the recession within the U.S. oil drilling sector, fuel drilling fell by a single rig week on week to a three-year low of 97 rigs,” the analysts went on to state.
Baker Hughes’ June 21 rig depend revealed that North America added 4 rigs week on week, its 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 Could 31 depend confirmed that North America added eight rigs week on week, and its Could 24 rig depend highlighted that North America added two rigs week on week.
The corporate’s Could 17 depend revealed that North America dropped one rig week on week, its Could 10 depend confirmed that North America dropped six rigs week on week, and its Could 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 reduce 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 reduce 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 reduce 43 rigs week on week, its March 15 depend confirmed that the area reduce 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 ultimate 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 trade since 1944, describes the figures as an essential enterprise barometer for the drilling trade and its suppliers. The corporate obtains its working rig location data partly from Enverus.
To contact the writer, e mail andreas.exarheas@rigzone.com