North America Adds Rigs for 9 Consecutive Weeks

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North America added 10 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on July 19.

The U.S. added two rigs and Canada added eight rigs week on week, taking the total North America rig count up to 783, comprising 586 rigs from the U.S. and 197 rigs from Canada, the count outlined.

Of the total U.S. rig count of 586, 564 are categorized as land rigs and 22 are categorized as offshore rigs. The country has 477 oil rigs, 103 gas rigs, and six miscellaneous rigs, according to the count, which showed that the U.S. total rig figure is made up of 520 horizontal, 48 directional, and 18 vertical rigs.

Week on week, the U.S. added three land rigs and dropped one offshore rig, the count highlighted. The country’s gas rig count increased by three and its oil rig count dropped by one week on week, while its horizontal rig count increased by three and its directional rig count decreased by one during the same period, the count outlined.

California added two rigs, and New Mexico, Ohio, and Utah each added one rig, week on week, while Louisiana dropped two rigs and Oklahoma dropped one rig during the period, Baker Hughes revealed.

Canada’s total rig count of 197 is made up of 130 oil rigs, 66 gas rigs, and one miscellaneous rig, the count pointed out. Canada added three gas rigs, four oil rigs, and one miscellaneous rig week on week, the count highlighted.

The total North America rig count is down 73 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 83 rigs during the period while Canada’s count increased by 10. The U.S. has cut 53 oil rigs, 28 gas rigs, and two miscellaneous rigs, while Canada has added 14 oil rigs and one miscellaneous rig, and dropped five gas rigs, year on year, the rig count revealed.

“The rig count in the five major tight oil basins remained flat as a gain of one rig in the Eagle Ford was offset by a loss in the Anadarko and all other basins remained unchanged,” analysts at J.P. Morgan stated in a drilling-focused research note sent to Rigzone by the JPM Commodities Research team on Friday.

“Drilling activity has remained relatively stable in the major tight oil basins over the last four weeks while the five rigs increase in the overall count was primarily driven by natural gas drillers,” they added.

“As of now, we do not expect any material changes in our forecast that only one oil rig will be added in 2H24, however we await 2Q24 earnings calls from U.S. public oil and gas producers to confirm our view,” they continued.

In its previous rig count, which was published on July 12, Baker Hughes revealed that North America added 13 rigs week on week. The U.S. dropped one rig and Canada added 14 week on week, that count showed.

Baker Hughes’ 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, its June 14 count showed that North America added 13 rigs week on week, its 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, and its May 3 count also showed that North America dropped six rigs week on week. The company’s 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 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.

Source: www.rigzone.com