2017 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

Baker-Hughes Rig Count  
Released On 8/18/2017 1:00:00 PM For wk8/18, 2017
N. Amer. Rig Count1169 1160 
U.S.949 946 
Gulf of Mexico17 16 
Canada220 214 

The Baker Hughes North American rig count is down 9 rigs in the August 18 week to 1,160, the third consecutive weekly drop in a decline that halts a long string of weekly increases in previous months. The U.S. rig count is down 3 rigs to 946 but is up 455 rigs from last year. The Canadian count is down 6 rigs to 214 but is up 93 rigs from last year.

For the U.S. count, rigs classified as drilling for oil are down 5 rigs to 763 but gas rigs are up 1 rig to 182. For the Canadian count, oil rigs are down 6 rigs to 121 and gas rigs remain unchanged at 93.

The rig count decline of the last three weeks likely reflects the reaction of exploration and development companies to the fact that oil prices have not been able to stay above $50 per barrel, a level that would put most North American rigs comfortably above their break-even point.

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

powered by  [Econoday]