Econoday Economic Report: Baker-Hughes Rig Count February 24, 2017

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Baker-Hughes Rig Count

Released On 2/24/2017 1:00:00 PM For wk2/24, 2017

	Prior	Actual
N. Amer. Rig Count	1082	1095
U.S.	751	754
Gulf of Mexico	17	17
Canada	331	341

Highlights
The Baker Hughes North American rig count is up 13 in the February 24 week to 1,095. The U.S. rig count is up 3 to 754 and is up 252 rigs from last year. The Canadian count is up 10 from last week to 341, and compared to last year is up 166.

For the U.S. count, rigs classified as drilling for oil are up 5 to 602, gas rigs are down 2 to 151 and miscellaneous rigs are unchanged at 1. Canadian oil rigs are up 12 to 206 but gas rigs are down 2 to 135.

Definition
The Baker Hughes North American rig count tracks weekly changes in the number of active operating oil & gas rigs. Used for drilling wellbores for wells that may eventually produce oil or gas, active rigs are essential for the exploration and development of oil and gas fields. Rigs that are not active are not counted. Components in the data are the United States and Canada with a separate count for the Gulf of Mexico (which is a subset of the U.S. total). The count includes only rigs that are significant users of oilfield services and supplies. Why Investors Care