North America Rig Loss Streak Rumbles on

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North America dropped nine rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on August 25. The region’s total rig count is now 822, Baker Hughes revealed, highlighting that 632 of these rigs are in the U.S. and 190 are in Canada. While the U.S. lost 10 rigs week on week, Canada added one rig in the same time period, the rig count revealed.

Of the total U.S. rig count of 622, 613 are categorized as land rigs, 16 are categorized as offshore rigs, and three are categorized as inland water rigs. The total U.S. rig count comprises 512 oil rigs, 115 gas rigs, and five miscellaneous rigs, Baker Hughes’ count shows.

The U.S. had eight fewer land rigs, one less offshore rig, and one less inland water rig week on week, according to Baker Hughes, which outlined that the country’s oil rig count dropped by eight and its gas rig count dropped by two during the same timeframe. Louisiana, New Mexico, and Texas lost rigs week on week and Oklahoma and West Virginia added rigs, Baker Hughes highlighted.

Louisiana dropped three rigs, New Mexico and Texas each dropped five rigs, and Oklahoma and West Virginia each added one rig, the count showed. Canada’s total rig count of 190 comprises 116 oil rigs and 74 gas rigs, according to the count, which showed that the country dropped three oil rigs and added four gas rigs week on week.

Baker Hughes’ latest rig count outlined that North America is down 144 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 133 rigs during the period while Canada dropped 11 rigs. The U.S. has cut 93 oil rigs and 43 gas rigs, and added three miscellaneous rigs, year on year, while Canada has dropped 20 oil rigs and added nine gas rigs year on year, the rig count revealed.

In its previous rig count, which was released on August 18, Baker Hughes revealed that North America’s rig count dropped by 13 week on week. In the rig count before that, which was released on August 11, Baker Hughes showed that North America dropped three rigs week on week, and in the rig count prior to that, which was released on August 4, the company revealed that North America dropped 10 rigs week on week.

Baker Hughes’ July 28 count showed that North America added one rig week on week, its July 21 count showed that North America lost six rigs week on week, and its July 14 count showed that North America added seven rigs week on week. Baker Hughes’ July 7 count revealed that the region added 14 rigs week on week, and its June 30 count showed that the region dropped 10 rigs week on week.

Prior to the rig count released on June 30, North America had been on a streak of rig additions. The company’s June 23 count highlighted that North America increased its rig count by five week on week and its June 16 count showed that North America added 15 rigs week on week. In the rig count prior to that, which was published on June 9, Baker Hughes revealed that North America had finally broken a rig loss streak which had gone on for several weeks. The region was shown in that count to have added 38 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.

Source: RIGZONE