North American Rotary Rig Counts
The U.S. rotary
rig count from Baker Hughes was up 5 at 402 for the week of
February 26,
2021.
It is 388 rigs (49.1%) lower than last year.
The number of
rotary rigs drilling for oil is up 4 to 309. There are 369 fewer
rigs
targeting oil than last year. Rigs drilling for oil are 76.9 percent of all drilling
activity.
Rigs targeting
natural gas were up 1 at 92. The number of rigs drilling
for
gas
is 19 lower than last year.
Unspecified or
miscellaneous rig count is unchanged at 1 rig compared with 2 last
year.
Year-over-year
oil exploration in the U.S. is down 54.4 percent. Gas exploration
is down 16.4 percent. The weekly average of crude oil spot price is 28.7 percent higher than last year and natural gas spot
prices are 62.2 percent
higher than last year. Daily crude oil and natural gas futures and spot
prices are available on our site.
Canadian rig activity was down 9 at
163
for the week of February 26, 2021
and is 77 (32.1%) lower
than last year. Rigs
targeting oil were down 8
at 92
and are 71 (43.6%) lower than last year. Gas directed rig count
at 71 is down 1 for the week and is 6 (7.8%) lower than last year. Canadian
drilling falls rapidly in
the spring to avoid environmental damage moving drilling equipment
during the spring thaw and rainy season. With large weather related seasonal swings, even
year-over-year comparisons can lead to incorrect conclusions. Also,
Canadians seem to take their holidays more serious than their
counterparts in
the U.S. and rig count usually drops near holidays.
North American Rig Count
|
Change
|
Percent Change |
|
02/26/2021 |
02/19/2021 |
02/28/2020 |
Weekly |
Annual |
Weekly |
Annual |
Total
U.S. |
402 |
397 |
790 |
5 |
(388) |
1.3% |
-49.1% |
Offshore |
17 |
16 |
22 |
1 |
(5)
|
6.3% |
-22.7% |
Land |
385
|
381
|
768
|
4 |
(383) |
1.0% |
-49.9% |
Inland Waters |
0 |
1 |
1 |
(1)
|
(1)
|
-100.0% |
-100.0% |
Oil
|
309 |
305 |
678 |
4 |
(369) |
1.3% |
-54.4% |
Percent
|
76.9% |
76.8% |
85.8% |
0.0% |
-9.0% |
|
|
Gas
|
92 |
91 |
110 |
1 |
(18) |
1.1% |
-16.4% |
Percent
|
22.9% |
22.9% |
13.9% |
-0.0% |
9.0% |
|
|
Miscellaneous |
1 |
1 |
2 |
0 |
(1)
|
|
|
Percent |
0.2% |
0.3% |
0.3% |
-0.0% |
-0.0% |
|
|
Directional
|
18 |
16 |
46 |
2 |
-28 |
12.5% |
-60.9% |
Horizontal
|
359 |
357 |
708 |
2 |
-349 |
0.6% |
-49.3% |
Vertical
|
25 |
24 |
36 |
1 |
-11 |
4.2% |
-30.6% |
Gulf
of Mexico |
17 |
16 |
22 |
1 |
-5 |
6.3% |
-22.7% |
Gulf
Oil |
17 |
16 |
20 |
1 |
-3 |
6.3% |
-15.0% |
Percent
|
100.0% |
100.0% |
90.9% |
0.0% |
9.1% |
|
|
Gulf
Gas |
0 |
0 |
2 |
0 |
-2 |
n.a. |
-100.0% |
Percent
|
0.0% |
0.0% |
9.1% |
0.0% |
-9.1% |
|
|
Canada
|
163 |
172 |
240 |
(9) |
(77) |
-5.2% |
-32.1% |
Oil
|
92 |
100 |
163 |
(8) |
(71) |
-8.0% |
-43.6% |
Percent
|
56.4% |
58.1% |
67.9% |
-1.7% |
-11.5% |
|
|
Gas
|
71 |
72 |
77 |
(1) |
(6) |
-1.4% |
-7.8% |
Percent
|
43.6% |
41.9% |
32.1% |
1.7% |
11.5% |
|
|
North
America |
565 |
569 |
1,030 |
(4) |
(465) |
-0.7% |
-45.1% |
Prices |
|
|
|
|
|
|
|
Oil
$/bbl. |
$62.19 |
$60.26 |
$48.34 |
$1.93 |
$13.86 |
3.2% |
28.7% |
Oil
$/mmbtu |
$10.72 |
$10.39 |
$8.33 |
$0.33 |
$2.39 |
3.2% |
28.7% |
Gas
$/mmbtu |
$2.90 |
$3.13 |
$1.79 |
($0.23) |
$1.11 |
-7.3% |
62.2% |
Monthly: International Rig Counts