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Baker Hughes US rig count up by 2 at 585
Kristen Nelson Petroleum News
Baker Hughes' U.S. rotary drilling rig count was 585 on April 17, up by two from the previous week, down by 34 from 619 a year ago and down by nine from two weeks ago. Over the last eight weeks the rig count was up in three weeks, down in four and unchanged in one with a combined loss of 11 against a gain of four.
A drop of 17 to 731 on May 12, 2023, was the steepest weekly drop since June of 2020, during the first year of the COVID-19 pandemic, when the count also dropped by 17 to 284 on June 5, following drops as steep as 73 rigs in one week in April. The count continued down to 251 at the end of July 2020, reaching an all-time low of 244 in mid-August 2020.
For 2024, the count peaked March 1 (and again March 15) at 629, hitting its low point June 28 at 581. In 2023 the count peaked early in the year at 775 on Jan. 13, bottoming out Nov. 10 at 616.
When the count dropped to 244 in mid-August 2020, it was the lowest the domestic rotary rig count had been since the Houston based oilfield services company began issuing weekly U.S. numbers in 1944.
Prior to 2020, the low was 404 rigs in May 2016. The count peaked at 4,530 in 1981.
The count was in the low 790s at the beginning of 2020 prior to the COVID-19 pandemic, where it remained through mid-March of that year when it began to fall, dropping below what had been the historic low in early May with a count of 374 and continuing to drop through the third week of August 2020 when it gained back 10 rigs.
The April 17 count includes 481 rigs targeting oil, up by one from the previous week and down 30 from 511 a year ago, with 98 rigs targeting natural gas, up by one from the previous week and down eight from 106 a year ago, and six miscellaneous rigs, unchanged from the previous week and up by four from a year ago.
Forty-four of the rigs reported April 17 were drilling directional wells, 527 were drilling horizontal wells and 14 were drilling vertical wells.
Alaska rig count unchanged Pennsylvania (18) was up by two rigs from the previous week while California (5) and West Virginia (8) were each down by a single rig.
Rig counts in other states were unchanged from the previous week: Alaska (10), Colorado (8), Louisiana (30), New Mexico (100), North Dakota (32), Ohio (10), Oklahoma (53), Texas (274), Utah (12) and Wyoming (21).
Baker Hughes shows Alaska with 10 rotary rigs active April 17, unchanged from the previous week and down by four from a year ago when the state's count was 14.
The rig count in the Permian, the most active basin in the country, was unchanged from the previous week at 289 and down by 29 from 318 a year ago.
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