U.S., Canadian rig counts drop to 1,685 in weekly survey

Ray Tyson

Petroleum News Houston correspondent

The number of rotary rigs operating in North America fell by nine to 1,685 during the week ending March 5, according to rig monitor Baker Hughes.

The Canadian rig count, compared to the previous week, slipped by four to 556 rigs, but was still up by 35 rigs compared to the same period a year earlier.

In the United States, the count fell by a net five rigs in the recent week to 1,029, still up by 200 rigs versus the period last year. Land rigs alone decreased by five to 1,011, while the offshore fleet contracted by one rig to 97. The rig count for inland waters increased by one to 21 rigs.

Of the total number of rigs operating in the United States, 964 were drilling for natural gas and 161 for oil, while four were being used for miscellaneous purposes. Of the total, 736 were vertical wells, 302 directional wells and 91 horizontal wells.

Among the leading producing states in the United States, Texas lost the most rigs during the recent week, down by seven to 476 rigs. And Oklahoma’s rig count decreased by two to 159 rigs. Louisiana gained three rigs for a total of 169, while New Mexico picked up three rigs for a total of 64. Wyoming’s rig count increased by one to 65, California’s was up by one to 19 and Alaska’s was unchanged at 14 rigs.

The U.S. rig count for February was 1,119, up 18 from the 1,101 counted in January 2004 and up 212 from the 907 counted in February 2003, according to Baker Hughes. The Canadian rig count for February 2004 was 568, up 14 from the 554 counted in January 2004 and up 14 from the 554 in February 2003.

The worldwide rig count for February 2004 was 2,477, up 20 from the 2,457 counted in January 2004 and up 264 from the 2,213 counted in February 2003.