North America Continues Rig-Loss Streak

North America dropped another 19 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on April 14.

Of these 19 rigs, 16 were cut in Canada and the remaining three were cut in the U.S., the count showed. While Canada had nine fewer gas rigs and seven fewer oil rigs week on week, the U.S. had two fewer oil rigs and one fewer gas rig week on week, Baker Hughes revealed.

The U.S. dropped six land rigs but added three offshore rigs week on week, according to the count, which showed that Louisiana, New Mexico, and Pennsylvania all added one rig week on week but Oklahoma, Texas, and Ohio all dropped rigs during the same time frame. Oklahoma was shown to have dropped three rigs, Texas two rigs, and Ohio one rig, week on week.

The total North America rig count now stands at 859, comprising 748 U.S. rigs and 111 Canada rigs, Baker Hughes’ latest count outlined. Of the total U.S. rig count, 727 are categorized as land rigs, 20 are categorized as offshore rigs, and one is categorized as an inland water rig. The total U.S. rig count comprises 588 rigs oil rigs, 157 gas rigs, and three miscellaneous rigs, while the total Canada rig count is made up of 45 oil rigs and 66 gas rigs, Baker Hughes pointed out in the count.

Year on year, North America has added 63 rigs, the count revealed. Of these added rigs, the U.S. contributed 55, while Canada contributed eight, according to the count, which highlighted that the U.S. added 40 oil rigs, 14 gas rigs, and one miscellaneous rig year on year, while Canada added 12 gas rigs and dropped four oil rigs year on year. 

In its previous count, which was published on April 6, Baker Hughes revealed that North America dropped 16 rigs week on week. Baker Hughes’ March 31 rig count showed that North America dropped 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