North America continued its rig losing streak, dropping four rigs week-on-week, showed Baker Hughes’ latest rotating rig count, which was released on September 8.
The region now has 814 rigs, including 632 from the US and 182 from Canada, according to the count, which revealed the US added one rig week-on-week, while Canada dropped five rigs over the same period of time
The total US rig count of 632 is made up of 610 land rigs, 19 offshore rigs and three inland water rigs, the count noted. Of the total of 632 platforms, 513 are classified as oil platforms, 113 as gas platforms and six as miscellaneous platforms.
The U.S. recorded one less onshore rig and two additional offshore rigs week-on-week, according to Baker Hughes’ tally, which showed the country added one oil rig and one other rig and dropped one gas rig, week a week Texas and California were shown to add rigs week after week, while New Mexico, North Dakota, Utah and West Virginia dropped rigs.
Texas added four rigs, California added three rigs, New Mexico and North Dakota dropped three rigs each, and Utah and West Virginia dropped one rig each, according to the count.
Canada’s total rig count of 182 includes 113 oil rigs and 69 gas rigs, Baker Hughes revealed. The country knocked down two oil rigs and three gas rigs week after week, the count noted.
Baker Hughes’ latest rig count indicated that North America is down 150 rigs from last year’s numbers and showed that the United States has driven that decline, cutting 127 rigs over the period while Canada drop 23 platforms. The United States has cut 78 oil rigs and 53 gas rigs, and added four miscellaneous rigs, year over year, while Canada has dropped 27 oil rigs and added four gas rigs year over year, the count revealed of platforms
In its previous rig count, which was released on September 1, Baker Hughes revealed that the North American rig count fell four weeks to 818. This count showed that 631 d ‘these rigs were in the US and 187 in Canada and that The total US rig count comprised 512 oil rigs, 114 gas rigs and five miscellaneous rigs.
“The U.S. oil rig count was unchanged at 512, according to the latest Baker-Hughes weekly survey; the year-to-date decline in drilling is 109 rigs and the year-over-year decline is 84 rigs,” the analysts at Standard Chartered in a report sent to Rigzone on Sept. 5, citing Baker Hughes’ Sept. 1 rig count.
“The last time (during the pre-pandemic era) that the oil rig count was this low was in December 2016, when WTI was near $50 a barrel, more than $35 a barrel for below the current price,” analysts added in this report. .
Baker Hughes’ Aug. 25 count showed North America dropping nine rigs week-over-week, its Aug. 18 count showed North America down 13 rigs week-over-week, its count of August 11 showed that the region dropped three platforms week-over-week and its August. Count 4 showed that North America dropped 10 teams week to week.
The company’s July 28 tally revealed that North America added one week-over-week, its July 21 tally showed North America losing six handsets week-over-week and its July 14 tally showed that North America added seven devices week over week. Baker Hughes’ July 7 count noted that the region added 14 rigs week over week, and its June 30 count showed the region dropped 10 rigs week over week.
Prior to the platform count released on June 30, North America had been on a platform addition streak. The company’s June 23 count indicated that North America increased its rig count by five weeks on the week, and the June 16 count showed North America adding 15 rigs week over week. In the previous equipment count, which was released on June 9, Baker Hughes revealed that North America had finally broken a streak of platform losses that had lasted several weeks. This count showed that the region had added 38 teams week-on-week.
Baker Hughes, which has issued the oil rig count since 1944, describes the numbers as an important business barometer for the drilling industry and its suppliers. The company gets its work platform location information in part from Enverus, which produces daily equipment counts using GPS tracking units.
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