North America Cuts Another 29 Rigs

North America cut another 29 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on March 31.

Canada was shown to have dropped 26 rigs week on week, while the U.S. was shown to have dropped the remaining three rigs. The former decreased its oil rig count by 28 week on week, but added two gas rigs during the same timeframe, Baker Hughes’ count showed. The U.S. reductions comprised three land rigs, two of which were gas rigs and one of which was an oil rig, the count outlined.

New Mexico dropped four rigs week on week, Oklahoma dropped two rigs, and Colorado and Louisiana each dropped one rig, according to Baker Hughes, which revealed that Texas added four rigs and Kansas added one rig during the same timeframe.

The total North America rig count is now 894, Baker Hughes’ count shows. Canada’s total rig count is 139, made up of 58 oil rigs and 81 gas rigs, according to Baker Hughes, which revealed that the total U.S. rig count is now 755, comprising 592 oil rigs, 160 gas rigs, and three miscellaneous rigs. Of the total U.S. rig count, 736 rigs are categorized as land rigs, 18 are categorized as offshore rigs, and one is categorized as an inland water rig.

North America has added 97 rigs year on year, Baker Hughes’ latest rig count points out. The U.S. added 82 of these rigs, comprising 59 oil rigs, 22 gas rigs, and one miscellaneous rig, the count shows. Canada added 15 of these rigs, adding 21 oil rigs and dropping six gas rigs compared to year ago figures, the count outlines.

In its previous rig count, which was released on March 24, Baker Hughes revealed that North America dropped 38 rigs week on week. In its rig count published on March 17, Baker Hughes revealed that North America dropped eight rigs week on week. In the rig count before that, which was published on March 10, Baker Hughes showed that North America dropped 26 rigs week on week and in the rig count prior to that, which was published on March 3, North America was revealed to have 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

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