|
Baker Hughes US rig count down 1 at 592
February international rig count, issued monthly, unchanged from January, with land rigs down 2 to 711, offshore rigs up 2 to 194 Kristen Nelson Petroleum News
The Baker Hughes' U.S. rotary drilling rig count was 592 on March 7, down by one from the previous week, down by 30 from 622 a year ago and unchanged from two weeks ago. Over the last eight weeks the rig count was up in four weeks and down in four with a combined gain of 17 against a loss of nine.
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 March 7 count includes 486 rigs targeting oil, unchanged from the previous week and down 18 from 504 a year ago, with 101 rigs targeting natural gas, down by one from the previous week and down 18 from 115 a year ago, and five miscellaneous rigs, unchanged from the previous week and up by two from a year ago.
Forty-nine of the rigs reported Marh 7 were drilling directional wells, 531 were drilling horizontal wells and 12 were drilling vertical wells.
Alaska rig count unchanged Wyoming (21) was up by one rig from the previous week while Colorado (8) and Texas (281) were each down by a single rig.
Rig counts in other states were unchanged from the previous week: Alaska (10), California (8), Louisiana (29), New Mexico (105), North Dakota (32), Ohio (9), Oklahoma (49), Pennsylvania (15), Utah (12) and West Virginia (11).
Baker Hughes shows Alaska with 10 rotary rigs active March 7, unchanged from the previous week and down by three from a year ago when the count was 13.
The rig count in the Permian, the most active basin in the country, was down by one from the previous week at 304 and down by nine from 313 a year ago.
International rig count unchanged in February Baker Hughes' monthly international rig count for February, issued March 7, is unchanged from January at 905 and down 53 from a count of 958 in February 2024, with land rigs down by two at 711, month over month, and offshore rigs up two to 194.
Baker Hughes began providing a monthly international rig count in 1975. The international count excludes North America, which is included in the company's worldwide figures.
The Middle East accounted for the most rigs in the international totals for February, 346, followed by Asia Pacific with 210, Latin America with 130, Europe with 121 and Africa with 98.
The U.S. rig count averaged 590 in February, up by eight from 582 in January, and down 33 from February 2024, while the Canadian count for February averaged 247, up 38 from 208 in January and up by 14 from February 2024.
Worldwide the rig count averaged 1,741 in February, up 46 from 1,696 in January and down 71 from 1,813 in February 2024.
| 