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North America added five rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on November 22.
The U.S. added four rigs and Canada added one rig week on week, taking the total North America rig count up to 819, the count outlined. The total U.S. rig count comprises 622 and the total Canada count comprises 197, Baker Hughes revealed.
Of the total U.S. rig count, 600 are categorized as land rigs, 21 are categorized as offshore rigs, and one is categorized as an inland water rig. The country has 500 oil rigs, 117 gas rigs, and five miscellaneous rigs, Baker Hughes’ count showed.
Week on week, the U.S. land rig count increased by three, the offshore count rose by two, and the inland water count dropped by one, according to Baker Hughes, which outlined that the country’s oil rig count stayed flat week on week, while its gas rig count rose by three and its miscellaneous rig count increased by one. Louisiana added two rigs week on week, and Alaska, Oklahoma, Pennsylvania, and Texas all added one rig during the same timeframe, Baker Hughes highlighted. Colorado and New Mexico each dropped one rig week on week, the count showed.
Of Canada’s total rig count of 197, 124 rigs are categorized as oil rigs and 73 are categorized as gas rigs. Week on week, the country’s oil rig count increased by one while its gas rig count remained unchanged, Baker Hughes pointed out.
Baker Hughes’ latest rig count outlined that North America is down 159 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 162 rigs during the period while Canada added three rigs. The U.S. has cut 127 oil rigs and 38 gas rigs, and added three miscellaneous rigs, year on year, while Canada has dropped five oil rigs and added eight gas rigs year on year, the rig count revealed.
In its previous rig count, which was released on November 17, Baker Hughes revealed that North America dropped one rig week on week. Although the U.S. added two rigs week on week, Canada dropped three during the same period, that count highlighted.
“The U.S. oil rig count increased for the first time in three weeks according to the latest Baker-Hughes drilling survey, gaining six week on week to 500,” analysts at Standard Chartered stated in a report sent to Rigzone on November 21, referring to Baker Hughes’ November 17 rig count.
“Oil drilling in the New Mexico part of the Delaware Basin rose by three to 100 rigs, while activity in the Texas part of the basin gained a single rig to 74 rigs. Midland Basin activity gained two to 113 rigs while other Permian activity fell two to 20 rigs,” they added.
“The U.S. gas rig count fell four to 114, only a single rig above early September’s 22-month low and 27.4 percent lower year on year,” they continued.
In its November 10 rig count, Baker Hughes revealed that North America added one rig week on week. Baker Hughes’ November 3 count showed that North America dropped seven rigs week on week and its October 27 rig count showed that North America cut one rig week on week. The company’s October 20 count revealed that North America added seven rigs week on week and its October 13 count revealed that the region stopped a streak of rig losses and added a total of 16 rigs week on week.
Baker Hughes’ October 6 rig count highlighted that North America cut 15 rigs week on week, its September 29 rig count showed that North America dropped six rigs week on week, and its September 22 count revealed that North America went back to losing rigs week on week. Baker Hughes’ September 15 count showed that North America had broken a string of consecutive weekly rig losses.
The company’s September 8 count revealed that North America’s rig count dropped by four week on week, its September 1 count showed that North America cut four rigs week on week, its August 25 count showed that North America dropped nine rigs week on week, and its August 18 count showed that the region cut 13 rigs week on week. Baker Hughes’ August 11 count showed that North America dropped three rigs week on week and its August 4 count showed that North America dropped 10 rigs week on week.
Baker Hughes’ July 28 count revealed that North America added one rig week on week, its July 21 count showed that North America lost six rigs week on week, and its July 14 count showed that North America added seven rigs week on week. The company’s July 7 count highlighted that the region added 14 rigs week on week, and its June 30 count showed that the region dropped 10 rigs week on week.
Prior to the rig count released on June 30, North America had been on a streak of rig additions. The company’s June 23 count outlined that North America increased its rig count by five week on week and its June 16 count showed that North America added 15 rigs week on week. In the rig count prior to that, which was published on June 9, Baker Hughes revealed that North America had finally broken a rig loss streak which had gone on for several weeks. The region was shown in that count to have added 38 rigs week on week.
Baker Hughes, which has issued the rotary rig counts to the petroleum industry since 1944, describes the figures as an important business barometer for the drilling industry and its suppliers. The company obtains its working rig location information in part from Enverus.
To contact the author, email andreas.exarheas@rigzone.com
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