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US rig count stumbles by 12 amid decreasing oil activity

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US rig count stumbles by 12 amid decreasing oil activity

The total oil and natural gas rig count in the U.S., for the week ended Aug. 30, came in at 904 rigs, down 12 for the period and 144 rigs lower than values reported a year ago, according to the latest Rotary Rig Count from Baker Hughes a GE company.

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For the week ended Aug. 30, oil-directed rigs slipped by 12 to 742, 120 rigs lower than levels during the same week in 2018. Gas-directed rigs stood at 162 rigs, unchanged for the week but down 22 from a year ago.

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North American rigs totaled 1,054 for the week to Aug. 30, down by one and dropping 222 rigs from the corresponding period a year ago. On the other hand, Canadian rigs were pegged at 150, up 11 rigs for the week but decreasing by 78 rigs from the same week in 2018.

U.S. land rigs fell by 11 to come in at 876 and are down 152 rigs from the corresponding week in 2018. Inland water rigs were pegged at zero, down by one for the week and two rigs lower than a year ago. Offshore rigs stood at 28, unchanged during the period but up 10 rigs from the corresponding week in 2018.

By direction, horizontal rigs came in at 784 rigs, slipping by 13 for the week and 133 rigs lower from a year ago. Directional rigs were pegged at 70, up by one for the period and increasing by five rigs from a year prior. Vertical rigs totaled 50, unchanged during the week but down 16 rigs from a year ago.

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