USA Drops More Rigs

The U.S. dropped four rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on March 3.

The four rigs comprised two land rigs, one offshore rig, and one inland water rig, the count showed. The decrease takes the total U.S. rig count to 749, comprising 732 land rigs, 16 offshore rigs, and one inland water rig, Baker Hughes’ count outlined. Of the total U.S. rig figure of 749, 592 rigs are classified as oil rigs, 154 rigs are classified as gas rigs, and three are classified as miscellaneous rigs.

Canada added two rigs week on week, according to the Baker Hughes count, which revealed that the country’s total rig count is now 246, comprising 158 oil rigs and 88 gas rigs. North America’s total rig count is now 995, and down two week on week, Baker Hughes outlined in the count.

North America has added 128 rigs year on year, with 99 coming from the U.S. and 29 from Canada, Baker Hughes’ rig count showed. The U.S. has added 73 oil rigs, 24 gas rigs, and two miscellaneous rigs year on year, while Canada has added 24 oil rigs and six gas rigs, and dropped one miscellaneous rig, year on year, Baker Hughes’ count revealed.

In its previous rig count, which was published on February 24, Baker Hughes highlighted that the U.S. dropped seven land rigs week on week. Canada also dropped four rigs week on week, according to that count. In its rig count published on February 17, Baker Hughes showed that the U.S. dropped one rig and Canada dropped two 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