North America Adds Rigs Again

North America’s rig count, as reported by Baker Hughes on May 31, increased by eight rigs from the previous week. While the U.S. count remained unchanged, Canada saw a significant gain of eight rigs, bringing the total rig count in North America to 728, with 600 rigs in the U.S. and 128 in Canada. Of the U.S. total, 578 rigs are land-based and 22 are offshore.

The U.S. rig count comprises 496 oil rigs, 100 gas rigs, and four miscellaneous rigs. Notable changes in specific regions include Louisiana and Pennsylvania adding one rig each, while New Mexico and Oklahoma each dropped one rig. Canada’s total rig count consists of 74 oil rigs and 54 gas rigs, with a decrease of two gas rigs and an increase of 10 oil rigs compared to the previous week. Year-on-year data reveals a decline of 65 rigs in the total North American count, primarily driven by a reduction of 96 rigs in the U.S., while Canada saw an increase of 31 rigs. This latest update is part of a fluctuating trend observed over recent weeks and months, reflecting ongoing dynamics in the drilling industry.