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North America Drops Another Rig

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North America dropped another rig week on week, according to Baker Hughes’ latest rig count, which was published on October 7.

The rig count showed that, although Canada added two rigs week on week, the US dropped three rigs during the same timeframe, bringing the total North America rig count down. The total North America rig count now stands at 977, comprising 762 rigs from the US and 215 rigs from Canada.

The total US rig count is made up of 746 land rigs, 13 offshore rigs, and three inland water rigs. Of this total rig count, 602 rigs are classified as oil rigs, 158 are classified as gas rigs, and two are classified as miscellaneous rigs. The total Canada rig count of 215 comprises 148 oil rigs and 67 gas rigs.

According to Baker Hughes, North America has added 277 rigs year on year, with 229 of those coming from the US and 48 coming from Canada. The US is shown to have added 169 oil rigs, 59 gas rigs and one miscellaneous rig year on year, while Canada is shown to have added 53 oil rigs and dropped five gas rigs year on year.

Baker Hughes revealed in its previous rig count published on September 30 that North America dropped one rig week on week. Baker Hughes’ previous two rig counts before that showed that North America added rigs week on week.

Baker Hughes, which has issued the rotary rig counts to the petroleum industry since 1944, describes the figures as an important business barometer for the drilling industry and its suppliers.

The company obtains its working rig location information in part from Enverus, which produces daily rig counts using GPS tracking units.

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