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Baker Hughes US rig down by 7 to 622
Kristen Nelson Petroleum News
The Baker Hughes' U.S. rotary drilling rig count was 622 for the week ending March 8, down by seven rigs from 629 the previous week, and down by 124 from 746 a year ago. The rig count increased in five of the last eight weeks and decreased in three, with a gain of 14 against a loss of 11 over the period, bucking a downward trend dominant since the beginning of May.
A drop of 17 to 731 on May 12, 2023, was the steepest weekly drop since June of 2020, during the first year of the COVID-19 pandemic, when the count also dropped by 17 to 284 on June 5, following drops as steep as 73 rigs in one week in April. The count continued down to 251 at the end of July 2020, reaching an all-time low of 244 in mid-August 2020.
For 2023, the count hit its low point Nov. 10 at 616, down from a high of 775 on Jan. 13, 2023. In 2022, the count bottomed out at 588 Jan. 1, reaching a high for the year of 784 on Nov. 23.
When the count dropped to 244 in mid-August 2020, it was the lowest the domestic rotary rig count had been since the Houston based oilfield services company began issuing weekly U.S. numbers in 1944.
Prior to 2020, the low was 404 rigs in May 2016. The count peaked at 4,530 in 1981.
The count was in the low 790s at the beginning of 2020 prior to the COVID-19 pandemic, where it remained through mid-March of that year when it began to fall, dropping below what had been the historic low in early May with a count of 374 and continuing to drop through the third week of August 2020 when it gained back 10 rigs.
The March 8 count includes 504 rigs targeting oil, down by two from the previous week and down 86 from 590 a year ago, with 115 rigs targeting natural gas, down by four from the previous week and down 38 from 153 a year ago, and three miscellaneous rigs, down by one from the previous week and unchanged from a year ago.
Fifty-two of the rigs reported March 8 were drilling directional wells, 557 were drilling horizontal wells and 13 were drilling vertical wells.
Alaska rig count unchanged New Mexico (106) was up by three rigs from the previous week.
Texas (291) was down by eight rigs and Louisiana (43) was down by two.
Rig counts in other states were unchanged from the previous week: Alaska (13), California (6), Colorado (16), Kansas (1), North Dakota (32), Ohio (12), Pennsylvania (24), Utah (12), West Virginia (8) and Wyoming (11).
Baker Hughes shows Alaska with 13 rotary rigs active March 8, unchanged from the previous week and up by three from a year ago when the count was 10. Twelve of the Alaska rigs were onshore, up by two from the previous week, with one rig working offshore, unchanged from the previous week.
The rig count in the Permian, the most active basin in the country, was down by two from the previous week at 313 and down by 30 from 343 a year ago.
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