North America added eight more rigs week on week, the latest rotary rig count from Baker Hughes, which was released on January 26, revealed.
The U.S. added one rig and Canada added seven week on week, taking the total North America rig count to 851, comprising 621 rigs from the U.S. and 230 rigs from Canada, the count outlined. Bop Ram Block
Of the total U.S. rig count of 621, 602 are categorized as land rigs and 19 are categorized as offshore rigs. The total U.S. rig count is made up of 499 oil rigs, 119 gas rigs, and three miscellaneous rigs, Baker Hughes revealed. This count comprises 559 horizontal rigs, 49 directional rigs, and 13 vertical rigs, according to Baker Hughes.
Week on week, the U.S. land rig count increased by two, while its offshore rig count dropped by one, Baker Hughes highlighted. The country’s oil rig count increased by two and its gas rig count dropped by one, and its directional and vertical rig counts each increased by one, while its horizontal rig count dropped by one, during the same timeframe, the count pointed out.
Canada’s total rig count of 230 is made up of 144 oil rigs and 86 gas rigs, Baker Hughes revealed. The country’s oil rig count increased by four week on week and its gas rig count increased by three, the count highlighted.
The total North America rig count is down 167 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 150 rigs during the period while Canada cut 17 rigs. The U.S. has cut 110 oil rigs and 41 gas rigs, and added one miscellaneous rig, year on year, while Canada has dropped 13 oil rigs and four gas rigs year on year, the rig count revealed.
In its previous count, which was released on January 19, Baker Hughes showed that North America increased its rig count by 11 rigs week on week. The U.S. added one rig week on week while Canada added 10 during the same timeframe, that count showed.
“The U.S. oil rig count fell by two week on week to 497 according to the latest Baker-Hughes survey, only three above mid-November’s two-year low and in a narrow 494-505 range for the 17th consecutive week,” analysts at Standard Chartered said in a report sent to Rigzone on January 23, referring to Baker Hughes’ January 19 rig count.
“The largest week on week decline was the Midland Basin where activity fell by three to 115 rigs. Elsewhere in the Permian, oil activity fell by one to 74 in the Texas part of the Delaware Basin and rose by two to 91 in the New Mexico part of the Basin; other Permian activity rose by one to 23 rigs,” they added.
In its January 12 count, Baker Hughes showed that North America increased its rig count by 86 rigs week on week. In its January 5 rig count, which marked Baker Hughes’ first rotary rig count of 2024, the company highlighted that North America added 38 rigs week on week.
Baker Hughes’ final rotary rig count of 2023 showed a notable week on week and year on year drop for North America. The region’s rig count decreased by 58 week on week and by 155 year on year, according to that count, which was released on December 29.
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.
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