2017 Economic Calendar
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Baker-Hughes Rig Count  
Released On 6/9/2017 1:00:00 PM For wk6/9, 2017
PriorActual
N. Amer. Rig Count1015 1059 
U.S.916 927 
Gulf of Mexico23 21 
Canada99 132 

Highlights
The Baker Hughes North American rig count is up 44 rigs in the June 9 week to 1,059, the sixth and the largest of consecutive weekly increases featuring Canadian rig operators who are coming back into operation after their Spring Breakup hiatus. The U.S. rig count is up 11 to 927 and is up 513 rigs from last year. The Canadian count is up 33 to 132, and compared to last year is up 67.

For the U.S. count, rigs classified as drilling for oil are up 8 to 741, gas rigs are up 3 to 185, and miscellaneous rigs are unchanged at 1. For the Canadian count, oil rigs are up 23 to 74 and gas rigs are up 10 to 58 rigs.

The sharply rising rig count in recent weeks points to increased North American crude oil and gas production ahead, which should continue to weigh on oil prices that have also been driven lower by large crude oil inventory.

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
 

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