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North America lost more rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on September 29.
The region dropped six rigs week on week, with the U.S. cutting seven rigs and Canada adding one rig during the period, the rig count outlined. The total North America rig count now stands at 814, comprising 623 rigs from the U.S. and 191 from Canada, the count showed.
Of the total U.S. rig count of 623, 600 are categorized as land rigs, 20 as offshore rigs and three as inland water rigs. The total rig count is made up of 502 oil rigs, 116 gas rigs, and five miscellaneous rigs, Baker Hughes’ count pointed out.
Week on week, the U.S. had eight fewer land rigs and one more offshore rig, while its oil rig count dropped by five and its gas rig count dropped by two, the count revealed. Texas cut eight rigs, Oklahoma cut two rigs, Pennsylvania dropped one rig, New Mexico added two rigs, and Louisiana and North Dakota each added one rig week on week, the count highlighted.
Canada’s total rig count of 191 comprises 115 oil rigs and 76 gas rigs, the count pointed out. The country added one gas rig week on week, Baker Hughes outlined.
Baker Hughes’ latest rig count outlined that North America is down 164 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 142 rigs during the period while Canada dropped 22 rigs. The U.S. has cut 102 oil rigs and 43 gas rigs, and added three miscellaneous rigs, year on year, while Canada has dropped 29 oil rigs and added seven gas rigs year on year, the rig count revealed.
In its previous rig count, which was released on September 22, Baker Hughes revealed that North America went back to losing rigs week on week. In that rig count, Baker Hughes outlined that the U.S. dropped 11 rigs, while Canada’s count stayed the same, leading to a total weekly loss of 11 rigs for the region.
“Recent signs of stabilization in U.S. drilling activity proved illusory as the U.S. oil rig count resumed its decline in the latest Baker-Hughes survey,” analysts at Standard Chartered said in a report sent to Rigzone on September 26, referring to Baker Hughes’ September 22 rig count.
“The count fell by eight week on week to a 19-month low of 507 rigs. Oil activity is 95 rigs lower year on year (15.8 percent) and 114 rigs lower year to date. The year to date decline in oil drilling is entirely in horizontal drilling (usually shale oil activity), with vertical drilling unchanged both week on week and year to date at 56 rigs,” they added.
“Within the Permian Basin, Delaware Basin activity fell four to 174 rigs, Midland Basin activity gained one to 115 rigs and other Permian activity fell two to 28 rigs. In Oklahoma, drilling in STACK fell two to a 21-month low of 13 rigs. The U.S. gas rig count fell three week on week to 118, with Haynesville activity down by two to a 29-month low of 46 rigs,” the analysts continued.
Baker Hughes’ September 15 count revealed that North America had broken a string of consecutive weekly rig losses. That rig count showed that the region added 17 rigs week on week, with nine of these coming from the U.S. and eight from Canada.
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, and its August 25 count showed that North America dropped nine rigs week on week. The company’s August 18 count showed that the region cut 13 rigs week on week, its 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, which produces daily rig counts using GPS tracking units.
To contact the author, email andreas.exarheas@rigzone.com
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