USA Drops Multiple Rigs

The U.S. dropped seven land rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on February 24.

Following the decrease, the total U.S. rig figure stood at 753 rigs, comprising 734 land rigs, 17 offshore rigs, and two miscellaneous rigs, the count showed. Of the total U.S. rig figure of 753, 600 rigs are categorized as oil rigs, 151 are categorized as gas rigs, and two are categorized as miscellaneous rigs.

Canada also dropped rigs week on week, according to the count. The country decreased its rig figures by four, taking its total count to 244, the count revealed. Of this total rig figure, 158 rigs are categorized as oil rigs, 86 are categorized as gas rigs, and none are categorized as miscellaneous rigs.

The total North America rig figure was shown to be 997 in Baker Hughes’ latest count. Although rig figures in North America dropped by 11 week on week, they were up by 123 year on year, the count outlined. The U.S. drove this growth with 103 additions, while Canada added 20 rigs, the count showed.

In Baker Hughes’ previous rig count, the U.S. was revealed to have dropped one rig and Canada was revealed to have dropped two rigs week on week. In the rig count before that, the total U.S. rig count increased by two week on week and the total Canada rig count increased by one 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.

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