Baker Hughes Reveals Latest North America Rig Count - Rigzone News

Baker Hughes Reveals Latest North America Rig Count | Rigzone

Baker Hughes Reveals Latest North America Rig Count

According to Baker Hughes’ latest rotary rig count, which was released on February 16, the total North America rig count remained unchanged week on week.

The total rig count in the region is 855, comprising 621 rigs from the U.S. and 234 from Canada, the count outlined. Week on week, the U.S. dropped two rigs and Canada added two rigs, the count showed.

Of the total U.S. rig count of 621, 602 rigs are categorized as land rigs and 19 are categorized as offshore rigs. The rig count is made up of 497 oil rigs, 121 gas rigs, and three miscellaneous rigs, according to Baker Hughes, which revealed that the country has 560 horizontal rigs, 48 directional rigs, and 13 vertical rigs.

Week on week, the U.S. dropped two offshore rigs and its oil rig count decreased by two, Baker Hughes showed. The country’s directional rig count dropped by three and its vertical rig count increased by one during the same timeframe, Baker Hughes outlined. Texas cut two rigs week on week, while Kansas dropped one and Oklahoma added one, the count revealed.

Of Canada’s total rig count of 234, 144 rigs are categorized as oil rigs and 90 are categorized as gas rigs. The region added three oil rigs and dropped one gas rig week on week, the count highlighted.

The total North America rig count is down 153 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 139 rigs during the period while Canada cut 14 rigs. The U.S. has cut 110 oil rigs and 30 gas rigs, and added one miscellaneous rig, year on year, while Canada has dropped 19 oil rigs and added five gas rigs year on year, the rig count revealed.

In its previous count, which was released on February 9, Baker Hughes showed that North America increased its rig count by four rigs week on week. The U.S. added four rigs while Canada’s rig count remained unchanged during the period, that count revealed.

“The U.S. oil rig count was unchanged week on week, staying at 499 for the third consecutive week, according to the latest Baker-Hughes survey,” analysts at Standard Chartered said in a report sent to Rigzone on February 13, referring to Baker Hughes’ February 9 rig count.

“The rig count has stayed in a 497-501 range for the past nine weeks. The gas rig count advanced by four week on week to a four-month high of 121, with Marcellus gaining two rigs to 30 and Haynesville gaining two rigs to 45,” they added.

“The year on year decline in oil drilling stands at 110 rigs (18.1 percent), while the gas rig count is lower year on year by 29 rigs (19.3 percent),” the analysts continued.

In its February 2 count, Baker Hughes showed that North America’s rig count stayed flat week on week and in its January 26 rig count, Baker Hughes showed that North America increased its rig count by eight rigs week on week. Baker Hughes’ January 19 count revealed that North America increased its rig count by 11 rigs week on week and its January 12 count showed that North America increased its rig count by 86 rigs week on week.

Baker Hughes’ January 5 rig count, which marked the company’s first rotary rig count of 2024, highlighted that North America added 38 rigs week on week. The company’s final rotary rig count of 2023 showed a notable week on week and year on year drop for North America. The region’s rig count decreased by 58 week on week and by 155 year on year, according to that count, which was released on December 29.

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.

To contact the author, email andreas.exarheas@rigzone.com

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Andreas ExarheasEditor | Rigzone

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