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Essential Energy Insights - January 2021


Rig count slides for 1st time in 5 weeks

The combined oil and natural gas rig count in the U.S. was down two during the six-day period ended March 29.

According to the latest North American Rotary Rig Count data released by Baker Hughes Inc. a day earlier than usual due to the Good Friday-Easter Sunday holiday, the combined oil and gas rig count now stands at 993, which is 169 rigs above the corresponding week a year earlier.

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Oil-directed rigs were down seven on the week to 797, up 135 from the same week in 2017. Natural gas-directed rigs were up four on the week to 194 and up 34 rigs on the year.

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The North American rig count was down 29 on the week and up 148 on the year to 1,127. Canadian rigs fell by 27 on the week and were down 21 on the year to 134.

During the week ended March 29, U.S. land rigs were down two to 977, up 179 from the corresponding year-ago period. Inland water rigs were up one on the week and steady on the year at four. Offshore rigs were down one on the week and down 10 on the year at 12.

By trajectory, vertical and horizontal rigs were unchanged on the week at 63 and 870, respectively. Vertical rigs were down six on the year and horizontal rigs were up 185 from the year-ago level. Directional rigs were down two on the week at 60, which was down 10 on the year.

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