Baker Hughes: U.S. Rig Count Held Steady
SEATTLE (Oil Monster): The latest report published by Baker Hughes suggests that North American drilling activity eased for the third week in a row.
The total rig count during the week ended 5th April, 2024 stood at 620, dropping by just one from the prior week. The rig count was significantly lower by 131 rigs when compared with the corresponding week a year before. However, the count remained little changed since the beginning of the current year.
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The rigs drilling for oil were up by 2 at 508 units. This rig count was lower by 82 units upon comparison with the year ago period. The rigs drilling for natural gas declined by 2 to 110 units. This was 48 units less than the year-ago levels.
The largest producing state of Texas saw addition of 7 units to 297 during the week. However, this was offset by losses in New Mexico and Louisiana, which reported dip in 3 and 2 units respectively. Also, California’s drill rigs reduced to half at 3.
The Permian Basin added one unit to make the number of active units to 317. On the other hand, Haynesville gas play reported total active rig count of 34, registering a decline of 2 rigs, Baker Hughes report said.
Canada lost another 15 rigs during the week, thus making the number of active units stand at 136. It must be noted that the country’s rig count had declined by 15 during the previous week as well. The dip is mainly on account of seasonal slowdown in activity, the report said.