2017 Economic Calendar
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Baker-Hughes Rig Count  
Released On 11/17/2017 1:00:00 PM For wk11/17, 2017
N. Amer. Rig Count1110 1123 
U.S.907 915 
Gulf of Mexico18 21 
Canada203 208 

The Baker Hughes North American rig count is up 13 rigs in the November 17 week to 1,123. The U.S. rig count is up 8 rigs at 915 and is up 327 rigs from last year at this time. The Canadian count is up 5 rigs from last week to 208 and compared to last year is up 24 rigs.

For the U.S. count, rigs classified as drilling for oil are unchanged at 738 and gas rigs are up 8 at 177. For the Canadian count, oil rigs are up are up 1 at 109 and gas rigs are up 4 at 99.

The second consecutive weekly increase follows 5 weeks of declines and indicates that North American exploration and development companies are finally responding to a month-long climb in oil prices that last week attained the highest levels in over 2 years, with WTI reaching nearly $58 per barrel before retreating this week on news of inventory increases. With breakeven rates for many U.S. exploration and development companies below $45 per barrel, drilling activity is likely to heat up further if current price levels are maintained.

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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