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US rig count down 10 led by decline in oil rigs

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US rig count down 10 led by decline in oil rigs

The combined oil and natural gas rig count in the U.S. tumbled by 10 to 1,016 in the week to March 22, according to the latest weekly North America Rotary Rig Count from Baker Hughes a GE company.

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The total count sits 21 rigs above the corresponding week a year earlier.

Oil-directed rigs were down nine on the week to 824 rigs, or 20 rigs above the same week a year earlier, while gas-directed rigs were down one on the week and up two on the year at 192.

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The North American rig count was down a whopping 66 rigs on the week and down 35 from the corresponding week a year earlier at a total of 1,121 rigs. Canadian rigs were down 56 on the week and down 56 on the year to a total of 105 rigs.

During the week ended March 22, U.S. land rigs were down eight to 993, which is 14 above the year-ago level. Inland-water rigs were unchanged on the week and unchanged on the year at a total of three. Offshore rigs were down two on the week at 20 rigs, seven rigs above the level in the same week in 2018.

By trajectory, directional rigs were down two on the week and were up one on the year to a total of 63 rigs. Horizontal rigs were down seven on the week and were up 30 on the year at 900 rigs, while vertical rigs were down one on the week at 53, which was 10 below the level during the same week in 2018.

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