North America added three rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was published on November 27.
The U.S. cut one rig week on week and Canada added four rigs during the same timeframe, taking the total North America rig count up to 787, comprising 582 rigs from the U.S. and 205 rigs from Canada, the count outlined.
Of the total U.S. rig count, 567 are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 477 oil rigs, 100 gas rigs, and five miscellaneous rigs, according to the count, which highlights that this total includes 521 horizontal rigs, 45 directional rigs, and 16 vertical rigs.
Week on week, the U.S. has dropped one land rig, the count showed. During the same period, its oil rig count dropped by two, while its gas rig count increased by one, and its directional rig count dropped by one, the count revealed.
Under a subcategory of major state variances included in the count, Wyoming was shown to have dropped one rig week on week.
Canada’s total rig count of 205 is made up of 134 oil rigs, 70 gas rigs, and one miscellaneous rig, the count highlighted. Week on week, Canada’s gas rig count increased by three and its oil rig count increased by one, the count showed.
The total North America rig count is down 30 rigs compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 43 rigs during the period while Canada’s count increased by 13. The U.S. has cut 28 oil rigs and 16 gas rigs, while its miscellaneous count increased by one, and Canada has added 12 oil rigs and one miscellaneous rig, year on year, the count revealed.
In a research note sent to Rigzone on Friday by the JPM Commodities Research team, J.P. Morgan analysts highlighted that “total U.S. oil and gas rigs fell by one to 582 this week, according to Baker Hughes”.
“Oil focused operators fell by two to 477 rigs, after last week’s gain of one. Natural gas focused rigs rose by one to 100 rigs, after last week’s loss of two,” they added.
“This week, the rig count in the major tight oil basins decreased by one as the Niobrara lost one rig and all other basins remained flat. Following last week’s increase of four rigs, the count has slightly retreated but still shows a net gain of three rigs over the past two weeks,” they continued.
“On average, drilling activity in the basins we monitor was two rigs higher than in October, driven by increased activity in both the Anadarko and Eagle Ford Basins. As of today, the rig count is just 10 below our projections; nevertheless, we continue to anticipate that production in December will average 13.55 million barrels per day,” the analysts went on to state.
In its previous rig count, which was published November 22, Baker Hughes revealed that North America’s total rig count remained unchanged week on week. That count showed that the U.S. dropped one rig week on week and Canada added one rig during the same timeframe.
Baker Hughes’ November 15 rig count revealed that North America dropped eight rigs week on week, its November 8 rig count showed that North America dropped six rigs week on week, its November 1 count showed that North America dropped three rigs week on week, and its October 25 count revealed that North America dropped one rig week on week. The company’s October 18 count revealed that North America dropped three rigs week on week and its October 11 rig count also showed that North America dropped three rigs week on week.
Baker Hughes’ October 4 count showed that North America added three rigs week on week and its September 27 count revealed that North America added six rigs week on week.
The company’s September 20 rig count showed that North America dropped nine rigs week on week, its September 13 rig count showed that North America added six rigs week on week, its September 6 rig count revealed that North America dropped one rig week on week, and its August 30 rig count also showed that North America dropped one rig week on week.
Baker Hughes’ August 23 count revealed that North America added one rig week on week, its August 16 count revealed that North America dropped two rigs week on week, and its August 9 count showed that North America’s rig count stayed flat week on week.
Baker Hughes’ August 2 rig count showed that North America added five rigs week on week, its July 26 count showed that North America added 17 rigs week on week, its July 19 count revealed North America added 10 rigs week on week, and its July 12 count showed that North America added 13 rigs week on week.
The company’s July 5 count revealed that North America added three rigs week on week, its June 28 count also showed that North America added three rigs week on week, its June 21 rig count revealed that North America added four rigs week on week, and its June 14 count showed that North America added 13 rigs week on week.
Baker Hughes’ June 7 count revealed that North America added nine rigs week on week, its May 31 count showed that North America added eight rigs week on week, and its May 24 rig count highlighted that North America added two rigs week on week.
The company’s May 17 count revealed that North America dropped one rig week on week, its May 10 count showed that North America dropped six rigs week on week, its May 3 count also showed that North America dropped six rigs week on week, its April 26 count showed that North America dropped 15 rigs week on week, and its April 19 count showed that North America cut 12 rigs week on week.
Baker Hughes’ April 12 count revealed that North America added two rigs week on week, and its April 5 count showed that North America cut 16 rigs week on week.
The company’s March 28 count revealed that North America dropped 21 rigs week on week, its March 22 count showed that the region cut 43 rigs week on week, its March 15 count showed that the region cut 11 rigs week on week, and its March 8 rig count showed that North America dropped 13 rigs week on week.
Baker Hughes’ March 1 rig count revealed that North America added three rigs week on week, its February 23 rig count showed that North America added two rigs week on week, and its February 16 count showed that North America’s rig count remained unchanged week on week.
The company’s February 9 rig count revealed that North America increased its rig count by four rigs week on week, its February 2 count showed that North America’s rig count stayed flat week on week, and its January 26 rig count showed that North America increased its rig count by eight rigs week on week.
Baker Hughes’ January 19 count revealed that North America increased its rig count by 11 rigs week on week, its January 12 rig count showed that North America increased its rig count by 86 rigs week on week, and its January 5 rig count, which marked the company’s first rotary rig count of 2024, showed that North America added 38 rigs week on week.
The company’s final rotary rig count of 2023 showed a notable week on week and year on year drop for North America. The region’s rig count decreased by 58 week on week and by 155 year on year, according to that count, which was released on December 29.
Baker Hughes, which has issued 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 notes that working rig location information is provided in part by Enverus.
