North America Drops Rigs

North America Drops Rigs
The region's total rig count now stands at 706.

North America dropped five rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on October 22.

The region’s total rig count now stands at 706, comprising 542 U.S. rigs and 164 Canada rigs, Baker Hughes’ count shows. The U.S. and Canada decreased their rig counts by one and four, respectively, week on week.

Of the 542 rigs currently in the U.S., 527 are land rigs, 13 are offshore rigs and two are inland water rigs. The U.S. has 443 oil rigs and 99 gas rigs at the moment, according to the latest rig count. Canada has 93 oil rigs and 71 gas rigs.

Compared to this time last year, North America has added 336 rigs, with the U.S. providing 255 rigs and Canada providing 81 rigs. The U.S. has added 232 oil rigs and 26 gas rigs, and dropped three miscellaneous rigs, compared to year ago figures. Canada has added 51 oil rigs and 30 gas rigs compared to year ago levels.

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 initiated its monthly international rig count in 1975. 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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