North America Rig Loss Streak Continues - Rigzone News

North America Rig Loss Streak Continues | Rigzone

North America Rig Loss Streak Continues

North America lost rigs again week on week, Baker Hughes’ latest rotary rig count, which was released on August 18, showed.

The region’s rig count dropped by 13 week on week, according to the rig count, which revealed that the U.S. rig count dropped by 12 week on week while Canada’s rig count decreased by one during the same timeframe. The total North America rig count now stands at 831, comprising 642 rigs from the U.S. and 189 rigs from Canada, the count highlighted.

Of the total U.S. rig count of 642, 621 are categorized as land rigs, 17 as offshore rigs, and four as inland water rigs. The total rig count comprises 520 oil rigs, 117 gas rigs, and five miscellaneous rigs, Baker Hughes’ count outlined.

The U.S. had 11 fewer land rigs and one less offshore rig week on week, according to the count, which revealed that the U.S. oil rig count dropped by five, its gas rig count dropped by six, and its miscellaneous rig count dropped by one week on week. Louisiana, New Mexico, North Dakota, Ohio, Oklahoma, West Virginia, and Wyoming all dropped rigs week on week, while Pennsylvania added rigs, the count pointed out.

Louisiana and West Virginia each cut three rigs, North Dakota, Ohio, and Oklahoma each cut two rigs, New Mexico and Wyoming each cut one rig, and Pennsylvania added two rigs week on week, the rig count showed.

Canada’s total rig count of 189 comprises 119 oil rigs and 70 gas rigs, Baker Hughes’ rotary rig count outlined. The country added three oil rigs and dropped four gas rigs week on week, according to Baker Hughes’ count.

The company’s latest rig count outlined that North America is down 132 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 120 rigs during the period while Canada dropped 12 rigs. The U.S. has cut 81 oil rigs and 42 gas rigs, and added three miscellaneous rigs, year on year, while Canada has dropped 18 oil rigs and added six gas rigs year on year, the rig count revealed.

In its previous rig count, which was released on August 11, Baker Hughes showed that North America dropped three rigs week on week, and in the rig count prior to that, which was released on August 4, the company revealed that North America dropped 10 rigs week on week.

Baker Hughes’ July 28 count showed that North America added one rig week on week, its July 21 count showed that North America lost six rigs week on week, and its July 14 count showed that North America added seven rigs week on week. Baker Hughes’ July 7 count revealed that the region added 14 rigs week on week, and its June 30 count showed that the region dropped 10 rigs week on week.

Prior to the rig count released on June 30, North America had been on a streak of rig additions, Baker Hughes’ previous counts showed. The company’s June 23 count highlighted that North America increased its rig count by five week on week and its June 16 count showed that North America added 15 rigs week on week. In the rig count prior to that, which was published on June 9, Baker Hughes revealed that North America had finally broken a rig loss streak which had gone on for several weeks. The region was shown in that count to have added 38 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

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Andreas ExarheasEditor | Rigzone

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