North America has snapped a streak of consecutive weekly rig losses, according to Baker Hughes’ latest rotating rig count, which was released on September 15.
The region added 17 rigs week-over-week, nine of them from the United States and eight from Canada, bringing the total North American rig count to 831, Baker Hughes noted. Of the total North American rig count figure, 641 rigs are from the United States and 190 are from Canada, the count revealed.
The total U.S. rig count includes 619 onshore rigs, 19 offshore rigs and three inland water rigs, according to the count, which showed 515 rigs of the total U.S. count are classified as oil rigs, 121 as of gas and five. are classified as miscellaneous equipment.
Week after week, the US reported nine more land rigs, Baker Hughes noted. The country’s oil rig count rose by two week-on-week, while its gas rig count rose by eight and its miscellaneous rig count fell by one over the same time period, it revealed the count
Colorado, Utah and Wyoming each added one rig, Texas added seven rigs and New Mexico lost one rig week-over-week, the Baker Hughes rig count noted.
Canada’s total rig count of 190 includes 119 oil rigs and 71 gas rigs, Baker Hughes noted. The country’s oil rig count rose six weeks on the week and the gas rig count rose by two over the same time period, the count showed.
Baker Hughes’ latest rig count indicated that North America is down 143 rigs from last year’s numbers and showed that the United States has driven that decline, cutting 122 rigs over the period, while Canada dropped 21 rigs. The United States has cut 84 oil rigs and 41 gas rigs, and added three miscellaneous rigs, year over year, while Canada has dropped 27 oil rigs and added six gas rigs year over year, the count revealed of platforms
In its previous rig count, which was released on September 8, Baker Hughes revealed that the North American rig count fell four weeks to 814. This count showed that 632 of these rigs were in the US and 182 in Canada and that The total US rig count comprised 513 oil rigs, 113 gas rigs and six miscellaneous rigs.
“The US oil rig count rose for the first time in 13 weeks according to the latest Baker Hughes survey,” Standard Chartered analysts said in a report sent to Rigzone on Sept. 12, referring to the rig count from Baker Hughes on September 8.
“However, the increase was only by a single rig, bringing activity to 513 rigs. The year-to-date drop is 108 rigs and the year-to-date decrease is 78 rigs. The main week-on-week decline was be in New Mexico’s Delaware Basin and West Texas, where activity fell on three rigs to 176,” they added.
“Elsewhere in the Permian Basin, Midland Basin activity increased by one to 112 rigs and other Permian activity increased by three rigs to 29 rigs. Oil drilling activity in the Bakken region of North Dakota and Montana weakened further, with the rig count falling one to a 19-month low of 31. The U.S. gas rig count fell one to a low from 19 months from 113 platforms, resulting in a year-over-year decline of 53 platforms (31.9 percent),” the analysts continued.
Baker Hughes’ Sept. 1 count showed North America dropping four rigs week-over-week, its Aug. 25 count showed North America dropping nine rigs week-over-week, the its August 18 count showed the region dropped 13 rigs week-over-week on August 11. The count showed North America dropping three devices week-over-week, and its August 4 count showed North America dropping 10 devices week-over-week.
Baker Hughes’ July 28 count revealed that North America added one week-over-week, its July 21 count showed North America losing six appliances week-over-week and its July 14 count showed that North America added seven devices week over week. The company’s July 7 count highlighted that the region added 14 devices week-over-week, and the June 30 count showed the region dropped 10 devices 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 team count, which was released on June 9, Baker Hughes revealed that North America had finally snapped a team losing streak 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.
To contact the author, please send an email andreas.exarcheas@rigzone.com
