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Baker Hughes US rig count up by 4 at 592
Kristen Nelson Petroleum News
The Baker Hughes' U.S. rotary drilling rig count was 592 on Feb. 21, up by four from the previous week, continuing a trend of gains which began at the end of January. The count was down by 34 from 626 a year ago and up six from two weeks ago. Over the last eight weeks the rig count was unchanged in one week, up in four weeks and down in three with a combined gain of 16 and a loss of 13.
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 Feb. 21 count includes 488 rigs targeting oil, up by seven from the previous week and down 15 from 503 a year ago, with 99 rigs targeting natural gas, down by two from the previous week and down 21 from 120 a year ago, and five miscellaneous rigs, down one from the previous week and up by two from a year ago.
Forty-nine of the rigs reported Feb. 21 were drilling directional wells, 530 were drilling horizontal wells and 13 were drilling vertical wells.
Alaska rig count unchanged Oklahoma (49) was up by five rigs from the previous week.
New Mexico (105) and Utah (12) were each down by a single rig.
Rig counts in other states were unchanged from the previous week: Alaska (10), California (8), Colorado (9), Louisiana (30), North Dakota (32), Ohio (9), Pennsylvania (15), Texas (280), West Virginia (10) and Wyoming (20).
Baker Hughes shows Alaska with 10 rotary rigs active Feb. 21, unchanged from the previous week and down by one from a year ago when the count was 11.
The rig count in the Permian, the most active basin in the country, was unchanged from the previous week at 304 and down by 10 from 314 a year ago.
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