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Baker Hughes US rig count up 5 to 585
Louisiana gains 3 rigs, Texas up 1; international count for June up 4 to 957; worldwide count up 32 to 1,707; US down 98 from 2023
Kristen Nelson Petroleum News
The Baker Hughes' U.S. rotary drilling rig count was 585 the week ending July 5, up by four rigs from 581 the previous week, and down by 95 from 680 a year ago, after dropping by seven the week ending June 28. Over the last eight weeks the rig count was unchanged one week, down in five and up in two with a loss of 23 against a gain of five over the period, reversing a downward trend dominant since the beginning of May. This is the lowest the domestic count has been since December of 2021.
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 2023, the count hit its low point Nov. 10 at 616, down from a high of 775 on Jan. 13, 2023. In 2022, the count bottomed out at 588 Jan. 1, reaching a high for the year of 784 on Nov. 23.
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 July 5 count includes 479 rigs targeting oil, unchanged from the previous week and down 61 from 540 a year ago, with101 rigs targeting natural gas, up four from the previous week and down 34 from 135 a year ago, and five miscellaneous rigs, unchanged from the previous week and unchanged from a year ago.
Fifty of the rigs reported July 5 were drilling directional wells, 517 were drilling horizontal wells and 18 were drilling vertical wells.
Alaska rig count unchanged Louisiana (43) was up by three rigs over the previous week while Texas (278) was up one rig.
Rig counts in other states were unchanged from the previous week: Alaska (9), California (5), Colorado (14), New Mexico (107), North Dakota (34), Ohio (10), Oklahoma (34), Pennsylvania (21), Utah (12), West Virginia (5) and Wyoming (11).
Baker Hughes shows Alaska with nine rotary rigs active July 5, unchanged from the previous week and up by one from a year ago when the count was eight.
The rig count in the Permian, the most active basin in the country, was unchanged from the previous week at 305 and down by 37 from 342 a year ago.
International rig count up 4 for June Baker Hughes' monthly international rig count for June, issued July 5, is up by four from May at 957, but down by 10 from a count of 967 in June 2023, with land rigs up four to 744 and offshore rigs unchanged at 213.
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 June, 342, followed by Asia Pacific with 230, Latin America with 161, Europe with 119 and Africa with 105.
The U.S. rig count averaged 588 in June, down by 14 from May, and down 99 from June 2023, while the Canadian count for June averaged 161, up 42 from May and up by 16 from June 2023.
Worldwide the rig count was 1,707 in June, up 32 from 1,675 in May and down 93 from 1,799 in June 2023.
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