North America Loses More Rigs

North America dropped five more rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on June 2.

Although Canada added 10 rigs week on week, the U.S. dropped 15 during the same timeframe, taking the overall North America rig count down to 793, comprising 696 rigs from the U.S. and 97 rigs from Canada, Baker Hughes’ count showed.

The total U.S. rig count is made up of 674 land rigs, 20 offshore rigs, and two inland water rigs, Baker Hughes highlighted. The country has 555 oil rigs, 137 gas rigs, and four miscellaneous rigs, according to Baker Hughes, which showed that the country’s land and oil rig count were both down by 15 week on week. Louisiana, New Mexico, North Dakota, Oklahoma, Texas, and Wyoming all lost rigs week on week, Baker Hughes revealed.

Canada’s rig count comprises 51 oil rigs and 46 gas rigs. The country’s oil rig count increased by nine week on week, while its gas rig count increased by one during the same timeframe, according to Baker Hughes.

Compared to year ago figures, North America is down 51 rigs, with the U.S. dropping 31 rigs and Canada dropping 20 rigs during that timeframe, the rig count shows. The U.S. has cut 19 oil rigs and 14 gas rigs, and added two miscellaneous rigs, while Canada has dropped 21 oil rigs and added one gas rig, year on year, Baker Hughes outlined.

In its previous rig count, which was posted on May 26, Baker Hughes revealed that North America had dropped seven rigs week on week. In the count before that, which was posted on May 19, Baker Hughes revealed that North America dropped 20 rigs week on week and in the rig count prior to that, which was posted on May 12, the company showed that North America dropped 16 rigs week on week.

Baker Hughes’ May 5 count showed that North America cut seven rigs week on week, its 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, its March 31 rig count showed that North America cut 29 rigs week on week, its March 24 count showed that the region dropped 38 rigs week on week, and its March 17 rig count showed that the region dropped eight rigs week on week.

Baker Hughes’ March 10 rig count showed a 26-rig week on week drop in North America and its 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