2017 Economic Calendar
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Baker-Hughes Rig Count  
Released On 12/15/2017 1:00:00 PM For wk12/15, 2017
N. Amer. Rig Count1150 1168 
U.S.931 930 
Gulf of Mexico20 19 
Canada219 238 

The Baker Hughes North American rig count up 18 rigs in the December 15 week to 1,168, pulled higher by an outsized increase in the oil rig count for Canada that masks a U.S. count decline. The U.S. rig count is down 1 rig from last week to 930 but is up 293 rigs from last year at this time. The Canadian count is up 19 rigs from last week to 238, 4 rigs more than last year for this time of year.

For the U.S. count, rigs classified as drilling for oil are down 4 rigs at 747 but gas rigs are up 3 at 183. Canadian oil rigs are up 22 at 134 while rigs drilling for gas decreased by 3 from last week to 104.

The week's increase underscores that with oil prices hovering above $57 per barrel and breakeven rates for many North American shale oil exploration and development companies below $45 per barrel, 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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