North America Loses Another 29 Rigs

North America decreased its rig count by 29 more rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on March 25.

The weekly drop was again driven by Canada, which lowered its total rig count by 36 rigs week on week, Baker Hughes highlighted. The U.S. was shown to have added seven rigs week on week. Baker Hughes’ previous rig count showed that North America dropped 30 rigs week on week, with Canada dropping 30 rigs during that time frame and the U.S. count staying flat.

According to Baker Hughes’ latest rig count, North America’s total rig count now stands at 810, comprising 670 rigs in the U.S. and 140 rigs in Canada. The U.S. rig count is shown to be made up of 653 land rigs, 14 offshore rigs and three inland water rigs, comprising 531 oil rigs, 137 gas rigs and two miscellaneous rigs. Canada’s rig count is shown to be made up of 76 oil rigs and 64 gas rigs.

Compared to year ago figures, North America’s rig count has increased by 312 rigs, with 253 of these coming from the U.S. and 59 coming from Canada. Of the U.S. additions, 207 are oil rigs, 45 are gas rigs and one is a miscellaneous rig, Baker Hughes’ data shows. Canada’s additions comprise 45 oil rigs and 14 gas rigs.

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.