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US rig count continues to slip; Canada adds 10 rigs

The combined oil and natural gas rig count in the U.S. fell by four to 942 rigs during the week ended Aug. 2, down 102 rigs from the same week in 2018, according to the latest Rotary Rig Count from Baker Hughes a GE company.

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Oil-directed rigs declined six during the review week to come in at 770 and are 89 rigs lower than a year ago. Gas-directed rigs increased two to total 171 for the week to Aug. 2 but are 12 rigs lower than the same period in 2018.

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North American rigs came in at 1,079, up by six for the week but down 188 rigs from year-ago levels. Canadian rigs rose by 10 to 137 rigs during the review week but are 86 rigs lower than the same period in 2018.

During the week ended Aug. 2, U.S. land rigs slipped by three to reach 918, or 107 rigs lower than year-ago levels. Offshore rigs slipped by one to a total of 24 for the review period but are seven rigs higher than a year ago. Inland water rigs were pegged at zero for the week, down from the two rigs reported during the same week a year prior.

By direction, vertical rigs saw no change and stood at 56 rigs for the week but are down 12 rigs from the same week in 2018. Horizontal rigs slipped by four to total 819 and are 93 rigs lower than values reported a year ago. Directional rigs came in at 67, unchanged for the week but up three rigs from the corresponding period in 2018.

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