North America lost the most rigs week-over-week, according to Baker Hughes’ latest rotating rig count, which was released on September 29.
The region shed six rigs week over week, with the U.S. cutting seven rigs and Canada adding one rig during the period, according to the rig count. The total North American rig count is now 814, including 623 teams from the US and 191 from Canada, the count showed.
Of the total 623 US rigs, 600 are classified as land rigs, 20 as offshore rigs and three as inland water rigs. The total rig count is made up of 502 oil rigs, 116 gas rigs and five miscellaneous rigs, the Baker Hughes count noted.
Week over week, the United States had eight fewer onshore rigs and one more offshore rig, while its oil rig count fell by five and its gasoline rig count fell by two, the count revealed. Texas cut eight rigs, Oklahoma cut two rigs, Pennsylvania dropped one rig, New Mexico added two rigs and Louisiana and North Dakota each added one week-to-week, according to the count.
Canada’s total rig count of 191 includes 115 oil rigs and 76 gas rigs, the count noted. The country added a gas rig week-on-week, Baker Hughes said.
Baker Hughes’ latest rig count highlighted that North America has dropped 164 rigs from last year’s figures and showed that the US has driven this decline, cutting 142 rigs over the period while Canada drop 22 platforms. The U.S. has cut 102 oil rigs and 43 gas rigs and added three miscellaneous rigs year over year, while Canada has dropped 29 oil rigs and added seven gas rigs year over year, the count revealed platforms
In its previous platform count, which was published on September 22, Baker Hughes revealed that North America again lost rigs week after week. In this rig count, Baker Hughes highlighted that the US dropped 11 rigs, while Canada’s count remained the same, bringing the weekly total loss of 11 rigs for the region.
“Recent signs of stabilization in U.S. drilling activity proved illusory as the U.S. oil rig count resumed its decline in the latest Baker-Hughes survey,” they said analysts at Standard Chartered in a report sent to Rigzone on September 26, citing Baker Hughes’ September. Count of 22 teams.
“The count fell eight weeks midweek to a 19-month low of 507 rigs. Oil activity is 95 less rigs year-over-year (15.8%) and 114 less rigs year-to-date. The year-to-date decline oil drilling so far is entirely in horizontal drilling (typically shale oil activity), with vertical drilling unchanged weekly and year-to-date at 56 rigs,” they added.
“Within the Permian Basin, Delaware Basin activity fell by four to 174 rigs, Midland Basin activity gained by one to 115 rigs, and other Permian activity fell by two to 28 rigs. In Oklahoma, STACK drilling fell two to a 21-month low of 13 rigs. The U.S. gas rig count fell three weeks to 118, with a decrease of l ‘Haynesville activity in two to a 29-month minimum of 46 rigs,’ the analysts continued.
Baker Hughes’ September 15 count revealed that North America had snapped a streak of consecutive weekly platform losses. This platform count showed that the region added 17 platforms week-over-week, nine of which came from the US and eight from Canada.
The company’s Sept. 8 tally revealed that North America’s rig count was down four week-over-week, its Sept. 1 tally showed North America cut four rigs week-over-week week and its August 25 count showed North America dropping nine teams week-over-week. The company’s Aug. 18 tally showed the region shed 13 rigs week-over-week, its Aug. 11 tally showed North America down three rigs week-over-week and its The August 4 count showed that North America dropped 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
