North America Rig Count Reduction Rumbles On

An article from Monday, but that was Memorial Day.

quote:

---

North America dropped another seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was posted on May 26.

The region’s total rig count now stands at 798, comprising 711 rigs in the U.S. and 87 rigs in Canada, the count showed. The U.S. dropped nine rigs week on week while Canada added two during the same timeframe, Baker Hughes highlighted.

---

quote:

---

According to the count, the U.S. had eight fewer land rigs and one less offshore rig week on week. Its oil rig count dropped by five and its gas rig count by four during the same timeframe, Baker Hughes revealed, highlighting that Alaska, Colorado, Louisiana, New Mexico, Oklahoma, and Utah all dropped rigs, while Texas and Wyoming added rigs, week on week.

---

quote:

---

The total North America rig count is down 32 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. and Canada each have 16 fewer rigs than year ago levels.

---

LINK .

Apparently the total 44 rigs dropped this past May was the largest monthly drop since June 2020, when Covid lockdowns crashed demand.