North America Rig Count Reduction Rumbles On
North America dropped another seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was posted on May 26.
The region’s total rig count now stands at 798, comprising 711 rigs in the U.S. and 87 rigs in Canada, the count showed. The U.S. dropped nine rigs week on week while Canada added two during the same timeframe, Baker Hughes highlighted.
Of the total U.S. rig figure of 711, 689 are classified as land rigs, 20 as offshore rigs, and two as inland water rigs. The total rig figure comprises 570 oil rigs, 137 gas rigs, and four miscellaneous rigs, Baker Hughes pointed out. According to the count, the U.S. had eight fewer land rigs and one less offshore rig week on week. Its oil rig count dropped by five and its gas rig count by four during the same timeframe, Baker Hughes revealed, highlighting that Alaska, Colorado, Louisiana, New Mexico, Oklahoma, and Utah all dropped rigs, while Texas and Wyoming added rigs, week on week.
Canada’s total rig count of 87 is made up of 42 oil rigs and 45 gas rigs, Baker Hughes outlined. The country’s oil rig count increased by three week on week, while its gas rig count dropped by one week on week, Baker Hughes’ count showed.
The total North America rig count is down 32 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. and Canada each have 16 fewer rigs than year ago levels. The U.S. has dropped 14 gas rigs and four oil rigs, and added two miscellaneous rigs, compared to this time last year, while Canada has dropped 13 oil rigs and three gas rigs, Baker Hughes outlined.
In its previous rig count, which was posted on May 19, Baker Hughes revealed that North America dropped 20 rigs week on week. In the rig count before that, which was posted on May 12, Baker Hughes revealed that North America dropped 16 rigs week on week and in the rig count prior to that one, which was posted on May 5, Baker Hughes showed that North America cut seven rigs week on week.
The company’s April 28 count showed that North America dropped 10 rigs week on week, its April 21 count showed that the region dropped one rig week on week, and its April 14 count showed that the region dropped 19 rigs week on week. Baker Hughes’ rig count published on April 6 revealed that the region dropped 16 rigs week on week and its March 31 rig count showed that North America cut 29 rigs week on week.
The company’s March 24 count also showed that the region dropped 38 rigs week on week, its March 17 rig count showed that the region dropped eight rigs week on week, and its March 10 rig count showed a 26-rig week on week drop in North America. Baker Hughes’ March 3 count also revealed that North America had cut two 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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