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Tuesday, April 16, 2024
HomeNewsEconomyBaker Hughes North American Rig Count Down 2 for Week Ending September 29

Baker Hughes North American Rig Count Down 2 for Week Ending September 29

The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)
The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)

The U.S. flag is displayed at Tesoro’s Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)

The Baker Hughes North American Rig Count is down 2 to 1,153 for the week ending September 29, as U.S. gains were offset by Canadian losses. Overall, the North American Rig Count is up 469 on the year, nearly double the 684 52 weeks ago.

The U.S. rig count is up 5 rigs to 940 and 418 rigs from last year. The Canadian count is down 7 rigs to 213 and up 51 rigs from last year.

For the U.S., rigs classified as drilling for oil are up 6 to 750, while rigs classified as gas are down 1 at 189. For Canada, oil rigs are down 9 to 113 and gas rigs are up 2 to 100.

Worth noting, rigs brought back into operation after Hurricane Harvey did not significantly impact the count. Texas rigs were down just 2 to 451 and Louisiana rigs were up 2 to 67. The Gulf of Mexico, which is not included in the North American Rig Count, were up 3 to 22 from 19 last week.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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