Page 9 - Baker Hughes - JANUARY 2024

1/23/24, 4:19 PM North America sees increase in rig count: Baker Hughes reports - Oil & Gas Middle East
120 as gas rigs, and three as miscellaneous rigs. The United States further boasted 560
horizontal rigs, 48 directional rigs, and 12 vertical rigs.

Examining the week-on-week changes within the U.S., Baker Hughes reported an increase of
one land rig. Interestingly, this period saw a slight drop of two in the oil rig count but a

simultaneous increase of three in the gas rig count. Vertical rigs saw an increase of two, while
horizontal rigs dropped by one.

The state-wise breakdown revealed that Pennsylvania gained two rigs, while Kansas,

Louisiana, and New Mexico each added one rig week-on-week. However, Texas experienced
a decline of three rigs, and Oklahoma saw a reduction of one in the same timeframe.

Canada’s contribution to the overall rig count stood at 223 rigs, consisting of 140 oil rigs and

83 gas rigs. In the week preceding the report, Canada added seven oil rigs and three gas
rigs, according to Baker Hughes.

Comparing the current rig count to figures from a year ago, Baker Hughes noted a decrease

of 169 rigs in North America. The United States primarily drove this decline, shedding 151 rigs
during the same period, while Canada reduced its rig count by 18 rigs. More specifically, the
United States had cut 116 oil rigs, 36 gas rigs, and added one miscellaneous rig year-on-year.

In comparison, Canada dropped 13 oil rigs and five gas rigs year-on-year.

In its previous count, released on January 12, Baker Hughes reported a substantial week-on-
week increase of 86 rigs in North America. During that period, Canada added 88 rigs, while

the United States saw a decrease of two rigs.

The international rig count was not provided in this report, as it is typically released on the
last working day of each month. However, the data from North America suggests an
ongoing and dynamic shift in the region’s energy landscape, driven by various factors,

including market conditions and production strategies.

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