North America Rig Count Now Lower Than Year Ago Level

North America dropped another 20 rigs week on week, taking its total rig count figure under the year ago level, Baker Hughes’ latest rotary rig count, which was posted on May 19, revealed.

The U.S. dropped 11 rigs while Canada dropped nine rigs week on week, taking the total North America rig count down to 805, comprising 720 U.S. rigs and 85 Canada rigs, the count highlighted. Canada’s rig count comprised 39 oil rigs and 46 gas rigs and the U.S. rig count comprised 575 oil rigs, 141 gas rigs, and four miscellaneous rigs, Baker Hughes showed. Of the total U.S. rig count, 697 were classified as land rigs, 21 were classified as offshore rigs, and two were classified as inland water rigs.

While Canada had two more oil rigs and 11 fewer gas rigs week on week, the U.S. had 11 fewer oil rigs during the same timeframe, according to Baker Hughes, which outlined that the U.S. dropped 10 land rigs and one offshore rig week on week. Texas cut nine rigs, Colorado dropped two rigs, and California and Louisiana each dropped one rig week on week, while Wyoming and New Mexico each added one rig during the same timeframe, Baker Hughes revealed.

North America’s total rig count of 805 was 11 down on the year ago level, according to Baker Hughes’ count, which showed that the U.S. drove the reductions with eight fewer rigs than a year ago, while Canada had three fewer rigs. The U.S. dropped nine gas rigs and one oil rig, and added two miscellaneous rigs, and Canada dropped one oil rig and two gas rigs, the count pointed out.

In its previous rig count, which was posted on May 12, Baker Hughes revealed that North America dropped 16 rigs week on week. In the rig count before that, which was posted on May 5, Baker Hughes showed that North America cut seven rigs week on week and in the rig count before that, which was posted on April 28, the company showed that North America dropped 10 rigs week on week.

 The company’s April 21 rig count showed that the region dropped one rig week on week, its April 14 rig count showed that the region dropped 19 rigs week on week, and its rig count published on April 6 revealed that the region dropped 16 rigs week on week. Baker Hughes’ 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 also showed a 26-rig week on week drop in North America, and its March 3 count 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