North America has gone back to losing rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on August 4.
The region dropped 10 rigs week on week, taking its total count to 847, comprising 659 U.S. rigs and 188 Canada rigs, the count outlined. Both the U.S. and Canada dropped five rigs week on week, Baker Hughes’ count highlighted.
According to the count, the total U.S. rig figure of 659 comprises 635 land rigs, 19 offshore rigs, and five inland water rigs. Of the total count, 525 rigs are classified as oil rigs, 128 are classified as gas rigs, and six are classified as miscellaneous rigs.
Week on week, there were five fewer land rigs in the U.S, according to the count, which also showed that the country had four less oil rigs and one less miscellaneous rig during the same timeframe. The count revealed that Alaska, New Mexico, and Wyoming all added rigs week on week, while Louisiana, Pennsylvania, and Texas dropped rigs.
Alaska added one rig, New Mexico and Wyoming each added two rigs, Louisiana and Pennsylvania both dropped one rig, and Texas cut eight rigs week on week, the count highlighted.
Canada’s total rig count of 188 comprises 118 oil rigs and 70 gas rigs, Baker Hughes’ latest rig count outlined. The country had three less oil rigs and two fewer gas rigs week on week, the count revealed.
Baker Hughes’ latest rig count outlined that North America is down 120 rigs on year ago figures and highlighted that the U.S. has driven this decline, cutting 105 rigs during the period while Canada dropped 15 rigs. The U.S. has cut 73 oil rigs and 33 gas rigs, and added one miscellaneous rig, year on year, while Canada has dropped 22 oil rigs and added seven gas rigs year on year, the rig count revealed.
In its previous rig count, which was released on July 28, Baker Hughes showed that North America added one rig week on week. In the rig count prior to that, which was posted on July 21, Baker Hughes revealed that North America had lost six rigs week on week, and in the rig count before that, which was posted on July 14, Baker Hughes showed that North America had added seven rigs week on week. In its count released on July 7, Baker Hughes showed that North America had added 14 rigs week on week, and in its count released on June 30, the company revealed that North America had dropped 10 rigs week on week.
Prior to the count released on June 30, North America had been on a streak of rig additions, Baker Hughes’ previous counts showed. In its count released on June 23, the company highlighted that North America had increased its rig count by five week on week, and in the count before that one, which was published on June 16, Baker Hughes showed that North America had 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
