USA Rig Count Breaks Cycle and Stays Flat

The U.S. rig count stayed flat at 784 rigs, according to Baker Hughes’ latest rotary rig count, which was published on December 2.

This count showed that the U.S. added one offshore rig and dropped one land rig week on week, keeping its total rig count unchanged. The U.S. now has 763 land rigs, 18 offshore rigs and three inland water rigs, which are made up of 627 oil rigs, 155 gas rigs and two miscellaneous rigs, Baker Hughes’ count highlighted.

Canada added one rig week on week, bringing its total rig count to 195, Baker Hughes outlined. Canada’s total rig figure comprises 128 oil rigs and 67 gas rigs, according to Baker Hughes, which highlights that the total North America rig figure now stands at 979 rigs.

North America has added 230 rigs compared to this time last year, Baker Hughes revealed in its latest count. The U.S. contributed the bulk of these additions (215), with Canada adding 15 rigs year on year, Baker Hughes pointed out. The U.S. additions comprised 160 oil rigs, 53 gas rigs and two miscellaneous rigs, while Canada’s additions were made up of just oil rigs, Baker Hughes outlined.

In its previous rig count, which was released on November 23, Baker Hughes revealed that the U.S. had added a total of two land rigs week on week. In the rig count before that, which was published on November 18, Baker Hughes revealed that the U.S. added a total of three rigs week on week. The rig count prior to that one, which was published on November 10, showed that the U.S. added nine 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