Baker Hughes Rig Count Shows USA Dip

Baker Hughes Rig Count Shows USA Dip
The combined rig count for the USA and Canada declined by 26 this week.

The U.S. rotary rig count declined by one to 402 drilling units this week, Baker Hughes Co. (NYSE: BKR) reported Friday.

In its weekly count of operating rigs Baker Hughes noted the U.S. oil rig count fell by one and now totals 309. The U.S. gas and miscellaneous rig tallies remained flat at 92 and one, respectively, the service company added.

Since this time last year, when 792 rigs were operating, the U.S. has shed 390 rigs, Baker Hughes noted. The firm stated the year-on-year figures reflect a 374-unit decrease in oil rigs, a 15-unit decline in gas rigs, and a one-unit drop miscellaneous rigs. It added the U.S. offshore rig count dropped by one this week to 13 – compared to 19 a year ago.

Canada shed 25 rigs to end the week at 116 units, Baker Hughes continued. The net loss includes a 22-unit decrease in oil rigs, which now total 58, and a three-unit decrease in gas rigs (also to 58), the company added.

Year-over-year, Canada’s rig count is down 59 from 175, Baker Hughes stated. The firm pointed out that Canada has posted decreases of 57 oil and two gas rigs since this time in 2020.

Baker Hughes obtains its working rig location information in part from Enverus, which produces daily rig counts using GPS tracking units.

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