The Baker Hughes North American rig count is up 13 rigs in the December 1 week to 1,151, the fourth consecutive weekly increase as exploration and development activity heats up in response to climbing oil prices. The U.S. rig count is up 6 rigs at 929 and is up 332 rigs from last year at this time. The Canadian count is up 7 rigs from last week to 222 and compared to last year is up 22 rigs.
For the U.S. count, rigs classified as drilling for oil are up 2 rigs to 749 while gas rigs are up 4 rigs at 180. For the Canadian count, oil rigs are up 4 at 111 and gas rigs are up 3 at 111.
With breakeven rates for many U.S. shale oil exploration and development companies below $45 per barrel, activity is likely to heat up further if current price levels are maintained.