North America Rig Count Drops Again

North America cut another seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was posted on May 5.

The U.S. dropped seven rigs week on week, while the Canada count remained flat during the same timeframe, taking the total North America rig count down to 841, Baker Hughes’ latest count outlined. Of this figure, the total U.S. rig count comprises 748 and the Canada count comprises 93, the count showed.

The total U.S. rig figure of 748 is made up of 725 land rigs, 21 offshore rigs, and two inland water rigs, according to Baker Hughes, which revealed that this total figure comprises 588 oil rigs, 157 gas rigs, and three miscellaneous rigs. Eight land rigs were lost in the country week on week, while one offshore rig was added, Baker Hughes showed. The U.S. dropped four gas rigs and three oil rigs week on week, the count highlighted. Texas and North Dakota were shown to have cut rigs week on week, while Louisiana and California were shown to have added rigs. The count revealed that Texas dropped nine rigs during that timeframe, North Dakota dropped one rig, Louisiana added one rig, and California added one rig.

Canada’s total rig count of 93 is made up of 59 gas rigs and 34 oil rigs, according to the count, which showed that the country dropped two oil rigs and added two gas rigs week on week.

North America has added 45 rigs compared to year ago levels, with the U.S. driving these additions, the count outlined. The U.S. has added 43 rigs year on year, while Canada has added two, the count showed. The U.S. has added 31 oil rigs, 11 gas rigs, and one miscellaneous rig year on year, while Canada has added 10 gas rigs and dropped eight oil rigs year on year, according to Baker Hughes’ count.

In its previous rig count, which was posted on April 28, Baker Hughes revealed 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