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US total rig count rises for 5th straight week

The combined oil and natural gas rig count in the United States was higher during the week ended March 23, reaching a total of 995, according to Baker Hughes's latest North America Rotary Rig Count.

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The total count sits 186 rigs above the corresponding week a year earlier.

Oil-directed rigs were up four on the week to a total of 804, which was up 152 from the same week in 2017. Natural gas-directed rigs were up one on the week to 190 and were up 35 rigs on the year.

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The North American rig count was down 53 on the week and is up 162 on the year to a total of 1,156, as Canadian rigs fell by 58 on the week and were down 24 on the year to a total of 161.

During the week ended March 23, U.S. land rigs were up six at a total of 979, which was up 192 from the corresponding year-ago period. Inland water rigs were down one on the week and down one on the year at a total of three. Offshore rigs were unchanged on the week and down five on the year at a total of 13.

By trajectory, vertical rigs were up six on the week and were down 15 on the year to 63. Directional rigs were down six on the week at 62, which was up four on the year. Horizontal rigs added five on the week at 870, which is 197 rigs better than the same week in 2017.

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