North America cut 18 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on March 21.
Although the total U.S. rig count increased by one week on week, Canada’s total rig count dropped by 19 during the same period, taking the total North America rig count down to 773, comprising 593 rigs from the U.S. and 180 from Canada, the count outlined.
Of the total U.S. rig count of 593, 576 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and three are categorized as inland water rigs. The total U.S. rig count is made up of 486 oil rigs, 102 gas rigs, and five miscellaneous rigs, according to the count, which revealed that the U.S. total comprises 532 horizontal rigs, 49 directional rigs, and 12 vertical rigs.
Week on week, the U.S. land rig count and offshore rig count remained unchanged, and the country’s inland water rig count increased by one, the count highlighted. The U.S. gas rig count increased by two, its oil rig count decreased by one, and its miscellaneous rig count remained unchanged, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count increased by two week on week, while the country’s directional rig count dropped by one and its vertical rig count remained unchanged during the period.
A major state variances subcategory included in the rig count showed that, week on week, Oklahoma added two rigs, Louisiana added one rig, and Texas dropped one rig. A major basin variances subcategory included in Baker Hughes’ rig count showed that the Ardmore Woodford basin added three rigs, the Cana Woodford basin dropped two rigs, and the Granite Wash, Permian, and Williston basins each dropped one rig, week on week.
Canada’s total rig count of 180 is made up of 118 oil rigs, 61 gas rigs, and one miscellaneous rig, Baker Hughes pointed out. The country’s gas and miscellaneous rig counts each increased by one, and the country’s oil rig count dropped by 21, week on week, the count outlined.
The total North America rig count is down 20 compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 31 rigs and Canada has added 11 rigs, year on year. The U.S. has dropped 23 oil rigs and 10 gas rigs, and added two miscellaneous rigs, while Canada has dropped 17 gas rigs, and added 27 oil rigs and one miscellaneous rig, year on year, the count revealed.
In a research note sent to Rigzone by the JPM Commodities Research team on Friday, analysts at J.P. Morgan noted that “total U.S. oil and gas rigs increased by one to 593 this week, according to Baker Hughes”.
“Oil-focused operators decreased by one to 486 rigs, after gaining one rig last week. Natural gas-focused rigs increased by two to 102 rigs, after last week’s loss of one. The rig count in the five major tight oil basins – we use the EIA basin definition – declined by one to 463 rigs,” the analysts added.
“The Anadarko basin added one rig, while the Bakken and Permian basins each lost one rig, with rig count in all other regions remaining unchanged. Although the overall rig count largely aligns with our estimate for March, we note that the rig count in the Permian basin is running seven rigs below our forecast,” the analysts went on to state.
“This decline, with the Permian basin losing five rigs over the last four weeks, can be broadly attributed to a weaker WTI price environment. If the reduced activity in the Permian basin is sustained throughout 2025, we estimate a modest impact on liquids production growth of ~25,000 barrels per day vs. our forecast,” they continued.
In its previous rig count, which was released on March 14, Baker Hughes revealed that North America dropped 35 rigs week on week. Although the total U.S. rig count remained unchanged week on week, Canada’s total rig count dropped by 35 during the same period, that count showed. Baker Hughes’ March 7 rig count revealed North America dropped 15 rigs week on week.
In its February 28 rig count, Baker Hughes revealed that North America added five rigs week on week. Its February 21 count revealed that North America added three rigs week on week, its February 14 rig count showed that North America dropped two rigs week on week, and its January 31 rig count showed that North America added 19 rigs week on week.
The company’s January 24 rig count revealed that North America added 12 rigs week on week, its January 17 count showed that North America added nine rigs week on week, and its January 10 rig count outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig count revealed that North America dropped one rig week on week and its December 27 rig count showed that North America dropped 71 rigs week on week.
Baker Hughes, which has issued rotary rig counts since 1944, describes the figures as an important business barometer for the drilling industry and its suppliers. The company notes that working rig location information is provided in part by Enverus.
To contact the author, email andreas.exarheas@rigzone.com
