North America Drops Rigs for 8th Week in a Row; U.S. Dropped 2 Week over Week

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North America dropped seven rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was published on April 17.

The total U.S. rig count decreased by two week on week and the total Canada rig count dropped by five during the same period, pushing the total North America rig count down to 673, comprising 543 rigs from the U.S. and 130 rigs from Canada, the count outlined.

Of the total U.S. rig count of 543, 529 rigs are categorized as land rigs, 12 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 410 oil rigs, 125 gas rigs, and eight miscellaneous rigs, according to Baker Hughes’ count.

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Week on week, the U.S. land rig count dropped by one, its offshore rig count dropped by two, and its inland water rig count increased by one, Baker Hughes highlighted. The U.S. gas rig count dropped by two week on week, its oil rig count dropped by one, and its miscellaneous rig count rose by one during the same period, the count showed.

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Louisiana and New Mexico each dropped one rig. A major basin variances subcategory included in the rig count showed that, week on week, the Eagle Ford and Haynesville basins each dropped one rig.

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The total North America rig count is down 46 rigs compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 42 rigs and Canada has cut four rigs, year on year.

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Apparently U.S. oil production has ticked back up from January levels. March ended up averaging 13.6-13.7 Million barrels a day, up from January’s 13.2 Million barrels a day. So still pumping out at record paces.